Bitfarms' bitcoin mining revenue fell roughly 40% in June

Quick Take

  • Bitfarms’ June mining revenue fell by about 40% compared to May.
  • 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.

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 of time.

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 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.


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The company also ended the month with about half of the bitcoin holding it held before, having sold about 3,000 BTC to pay down part of a $100 million loan from Galaxy Digital.

At the same time, it secured an additional $37 million facility collateralized by mining machines.

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. Comparing that to $188 million based on a bitcoin price of $31,000 at the end of May, the dollar value of Bitfarms's bitcoin holdings fell by roughly 66.5%.

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