The Bitcoin mining firm, Bitfarms based in Canada, has seen a 400% increase in revenue in the Q2 of 2021. The company has seen revenue of $36.7 million but still had an operating loss of $2.1 million and a total loss of $3.7 million. This shows there is still a long way to go for companies that are in the crypto sector and want to become profitable.
Bitfarms Q2 mining
The company reported that it mined a total of 759 bitcoins in the q2 of 2021. The mining has cost them approximately $9000 per Bitcoin, which might sound less compared to the value of BTC right now. But we should also note that it is almost double the mining cost last year when the halving event happened. In May 2020, the average cost of mining one BTC was $5,075.
As of June 30, the company had nearly 1,293 Bitcoin, which amount to $59.4 million. It seems that they are planning to hold their coins as the market is rising quite fast, and we could see the bull run continue again.
The company’s CEO said that the Q2 of 2021 has proven to be great for the company. Compared to last year, they have seen a significant rise in capacity and production. At the same time, the company’s shares are also doing well, with an almost 240% increase as compared to last year. One of the major reasons for this increase and growth of the company is the drop in difficulty level of BTC mining. As China has banned mining Bitcoin, so the hash rate has dropped, which makes their market share much higher than the beginning of the year.
What are your thoughts on the 400% revenue increase of the mining firm Bitfarms? And do you think that once the hash rate stabilizes, this will reduce? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.