ICYMI: Bitfarms’ bitcoin mining revenue fell roughly 40% in June
While the company mined only about 2.6% bitcoin compared to the previous month, Bitcoin’s price plummeted by about a third over the course of the month.
Bitfarms saw its bitcoin mining revenue fall by nearly 40% in June compared to the previous month, while Bitcoin lost about a third of its value. Mining revenues are based on current Bitcoin prices, which plummeted from around the $30,000 mark at the beginning of June to around $20,000 now.a statement on FridayConsidering upcoming miner installations, it expects to hit the Q2 2022 target of 4.0 SH/s within the next two weeks.
"This growth, coupled with recent declines in the overall network hashrate, from a 30-day rolling average of about 222 EH/s to 212 EH/s, signals we are well positioned to gain market share and increase our daily mined Bitcoins in July," said Ben Gagnon, chief mining officer of Bitfarms.to pay down part of a $100 million loan from Galaxy Digital.As of June 30, Bitfarms had a total of 3,144 BTC, with a value of around $63 million based on a bitcoin price of S$20,000.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado.
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