Bitfarms noticed its bitcoin mining income fall by almost 40% in June in comparison with the earlier month, whereas Bitcoin misplaced a few third of its worth.
Mining revenues are primarily based on present Bitcoin costs, which plummeted from across the $30,000 mark initially of June to round $20,000 now.
The corporate mined a complete of 420 BTC in June, only a slight 2.6% lower from Might, based on a press release on Friday. It elevated its hash charge by 0.2 exahash per second (EH/s) over the identical time period.
Contemplating upcoming miner installations, it expects to hit the Q2 2022 goal of 4.0 SH/s throughout the subsequent two weeks.
“This development, coupled with latest declines within the general community hashrate, from a 30-day rolling common of about 222 EH/s to 212 EH/s, indicators we’re effectively positioned to realize market share and enhance our every day mined Bitcoins in July,” mentioned Ben Gagnon, chief mining officer of Bitfarms.
The corporate additionally ended the month with about half of the bitcoin holding it held earlier than, having offered about 3,000 BTC to pay down a part of a $100 million mortgage from Galaxy Digital.
On the identical time, it secured an extra $37 million facility collateralized by mining machines.
As of June 30, Bitfarms had a complete of three,144 BTC, with a worth of round $63 million primarily based on a bitcoin value of S$20,000. Evaluating that to $188 million primarily based on a bitcoin value of $31,000 on the finish of Might, the greenback worth of Bitfarms’s bitcoin holdings fell by roughly 66.5%.
