๐ **Bitcoin Mining Update: Bitfarms' Q2 Financials and Future Plans! ๐**
Toronto-based Bitcoin mining company, Bitfarms, has reported a total revenue of $42 million for Q2 2024, marking a 16% decline from the previous quarter. This drop is largely due to the BTC halving event on April 19, 2024, which reduced block rewards.
Despite a net loss of $27 million, the company remains optimistic. Bitfarms mined 614 BTC in Q2 with an increased production cost of $30,600 per BTC. However, July brought a 34% boost in Bitcoin earnings, reaching 243 BTC valued at $14 million.
CEO Ben Gagnon emphasized ongoing expansion and diversification, including a new site in Sharon, PA. Bitfarms is committed to its independent growth strategy, despite a recent hostile takeover attempt by Riot Platforms.
Stay tuned for more exciting updates from the world of Bitcoin! ๐