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Bitcoin miner posts quarterly loss of $142 million

Rising energy prices and a stagnant Bitcoin price: Bitfarms posted a loss of $142 million in the second quarter.

By Mike Hesp
• 2 min read
Bitcoin miner posts quarterly loss of $142 million

Rising energy prices and a stagnant Bitcoin price: Bitfarms posted a loss of $142 million in the second quarter.

Bitcoin miner Bitfarms posted a loss of $142 million in the second quarter. The reason is higher energy prices and the collapse in the Bitcoin price. In total, the publicly traded mining company mined 1,257 bitcoins in Q2. The cost per mined bitcoin averaged $9,900.

For total proceeds of $69 million, Bitfarms sold 3,357 bitcoins at an average price of $20,638. With the acquisition of 9,000 mining rigs, Bitfarms boosted its hashrate from 2.7 EH/s to 3.6 EH/s.

"Now that we’re entering the second half of 2022, we’re focused on executing our growth and maximizing our profitability," said Geoff Morphy, president and COO of Bitfarms, in a press release.

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