Bitfarms' quarterly report shows a decrease in losses

  • 18:35 Nov 14, 2022
Bitfarms' quarterly report shows a decrease in losses

According to the work results in Q3, the net loss of Bitfarms reached $85 million. In the background of the previous reporting period, where the figure was equal to $142 million, the trend looks positive. The company announced it on its Twitter.

Source: Twitter

The reason for the negative results was the revaluation of reserves in cryptocurrency and sold digital assets. According to the report, the operating profit amount reached $10 million.

Bitfarms managed to mine 1,515 BTC in three months. The cost per coin was at the level of $14.3 thousand, which is 16% lower than in the previous reporting period.

In June, the company decided not to adhere to the accumulation strategy. According to CFO Jeff Lucas:

The company continues to work to maintain financial strength, so when the value of BTC declined, the amount of borrowed capital was reduced. Since June, $94 million has been paid off, including the repayment of high-interest loans.

During Q3, Bitfarms installed 7,000 miners and also increased its hashrate by 17%.

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