Bitfarms Q2 Loss Narrows to $27 Million, Hashrate Jumps
CryptoNewsTerminal Staff08 Aug, 2024
Bitfarms Q2 Loss Narrows to $27 Million, Hashrate Jumps
Bitfarms, a Bitcoin mining company, saw its net loss narrow to $27 million in the second quarter. This is a significant improvement from the $59 million loss in the same period last year. The loss per share was $0.07, which was better than the $0.11 analysts had been expecting. The company's stock price rose by as much as 20% in response to the news. Bitfarms' hashrate, a measure of its mining power, is now 11.1 EH/s, up from 6.5 EH/s in the first quarter. This increase in hashrate is due to the company's acquisition of Blockstream Mining in May. Analysts say that Bitfarms' improved financial performance is a sign that the Bitcoin mining industry is starting to recover from a downturn that began in late 2021. The price of Bitcoin has been on a tear in recent months, and this has boosted the profitability of miners.
