Bitfarms noticed its bitcoin mining income fall by practically 40% in June in comparison with the earlier month, whereas Bitcoin misplaced a couple of third of its worth.
Mining revenues are based mostly on present Bitcoin costs, which plummeted from across the $30,000 mark in the beginning of June to round $20,000 now.
The corporate mined a complete of 420 BTC in June, only a slight 2.6% lower from Could, in keeping with an announcement on Friday. It elevated its hash fee 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 total community hashrate, from a 30-day rolling common of about 222 EH/s to 212 EH/s, alerts we’re nicely positioned to achieve market share and improve our day by day mined Bitcoins in July,” stated 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 bought about 3,000 BTC to pay down a part of a $100 million mortgage from Galaxy Digital.
On the identical time, it secured a further $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 based mostly on a bitcoin value of S$20,000. Evaluating that to $188 million based mostly on a bitcoin value of $31,000 on the finish of Could, the greenback worth of Bitfarms’s bitcoin holdings fell by roughly 66.5%.