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Bitcoin Mining Firm Bitfarm down by 40% roughly in June

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  • The company mined a total of 420 BTC in June, just a slight 2.6% decrease from May, according to a statement on Friday. It increased its hash rate by 0.2 exahash per second (EH/s) over the same period.
  • The business also sold roughly 3,000 BTC to partially pay off a $100 million debt from Galaxy Digital, concluding the month with about half of the bitcoin it had started with.
  • “This growth, coupled with recent declines in the overall network hash rate, 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,” – Bitfarm

Bitfarm Losing Its Revenue

As the bear market continues to rule, bitcoin’s value has crashed and become half what it was. 

Along with that, the Bitcoin mining firm Bitfarm is facing a crisis in this market.

This statement is about the fact that Bitfarm saw a loss of 40% in June as compared to the previous month.

If we talk about the mining revenues of the companies, they are based on the bitcoin’s current prices, and those prices, well, we all know. 

The company mined a total of 420 BTC in June, just a slight 2.6% decrease from May, according to a statement on Friday. It increased its hash rate by 0.2 exahash per second (EH/s) over the same period.

What does The Company Have To Say In This?

Considering 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 hash rate, 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.

The business also sold roughly 3,000 BTC to partially pay off a $100 million debt from Galaxy Digital, concluding the month with about half of the bitcoin it had started with.

It also acquired a $37 million facility that was protected by mining equipment at the same time.

According to a bitcoin price of $20,000 as of this writing, Bitfarms held a total of 3,144 BTC worth around $63 million.

The financial worth of Bitfarms’s bitcoin assets decreased by nearly 66.5 percent compared to $188 million based on a bitcoin price of $31,000 at the end of May.

Steve Anderrson

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