Odaily Planet Daily News Bitcoin mining company Bitfarms announced that as of June 30, 2023, revenue for the second quarter will be US$35 million, a net loss of US$25 million, and adjusted EBITDA will be US$8 million. A total mining profit of $14 million and a gross mining profit margin of 42%, compared to $12 million and 42% in Q1 2023.
Bitfarms reported an operating loss of $25 million in the second quarter, including a $10 million impairment charge, compared to an operating loss of $15 million in the first quarter of 2023, which included a $1 million realization gain on digital asset disposals and a $3 million impairment charge. Digital asset revaluation losses reversed.
Bitfarms produced 1,223 BTCs in the second quarter, at an average direct production cost of $15,700 per BTC, compared to $12,500 in the first quarter of 2023.
As of June 30, 2023, Bitfarms held $31 million in cash and 549 BTC (worth approximately $17 million). (Globenewswire)