Bitcoin mining company Bitfarms' total revenue in Q2 was US$42 million, down 16% from the previous quarter

Bitcoin mining company Bitfarms released its Q2 financial report, with total revenue of $42 million for the quarter, a 16% decrease from the previous quarter, attributed to the reduction in block rewards caused by the Bitcoin halving event on April 19, 2024. In addition, Q2 net loss was $27 million, or $0.07 per share, including $1 million in non-cash expenses for the revaluation of warrant liabilities in financing activities in 2021 and 2023. In comparison, the net loss in Q1 of 2024 was $6 million, or $0.02 per share, including $9 million in non-cash gains from the revaluation of warrant liabilities. The company produced 614 BTC in Q2, with an average direct production cost of $30,600 per BTC, higher than $18,400 in Q1. At the same time, due to the decline in BTC production, the total cash cost per BTC in Q2 increased from $27,900 in Q1 to $47,300. (Crypto Potato)