- Bitfarms (BITF) has reported its results for its third financial quarter
- Revenue was US$33 million, compared to US$42 million from the last quarter
- The company mined 1,515 bitcoins (BTC) during the quarter, which averaged 16.5 BTC per day
- General and administrative expenses were down 15 per cent from the last quarter
- By the end of the third quarter, the company held US$36 million in cash and 2,064 BTC valued at approximately US$40 million
- Bitfarms Ltd. (BITF) is down 8.69 per cent and is trading at $1.05 per share
Bitfarms (BITF) has reported the results for its third financial quarter.
Revenue was US$33 million, compared to US$42 million from its last quarter, which was partially offset by a 17 per cent quarterly increase in the company’s hashrate.
The company mined 1,515 bitcoins (BTC) during the quarter, which averaged 16.5 BTC per day.
Geoff Morphy, Bitfarms’ President and COO, commented,
“For the second year in a row, Bitfarms is on pace to be one of the largest known producers of bitcoin… during Q3 2022, we reduced our direct cost of production by 5 per cent to US$9,400 per BTC compared to Q2 2022.”
The company’s general and administrative expenses, excluding non-cash share-based compensation, were US$6 million, down 15 per cent from the last quarter. Meanwhile, its operating loss was US$98 million and its net loss was US$85 million.
However, its gross mining profit was US$17 million with a gross mining margin of 52 per cent, down from the US$27 million and 66 per cent reported in the company’s second quarter.
Bitfarms stated its adjusted EBITDA was US$10 million, or 31 per cent of revenue, and its total cash costs of production per BTC were US$14,300, down from US$17,000 in the second quarter.
By the end of the third quarter, the company held US$36 million in cash and 2,064 BTC valued at approximately US$40 million.
Bitfarms Ltd. (BITF) is down 8.69 per cent and is trading at $1.05 per share as of 2:47 pm ET.
