Bitfarms, bitcoin announced that mining revenue fell by about 40% in June compared to the previous month. The BTC price, on the other hand, lost approximately 33% in the same period.
As it is known, mining revenues are affected positively or negatively, indexed to the BTC price. Bitcoin price, which was around $30,000 at the beginning of June, is currently trading around $20,000.
The Number of Bitcoins Obtained by the Company by Mining Has Also Declined
According to the announcement made on Friday, the company mined a total of 420 BTC in June, a slight decrease of 2.6% compared to May. It increased the hash rate by 0.2 exahash per second (EH/s) over the same time period.
The company plans to reach its target of 4.0 SH/s in the second quarter of 2022 within two weeks, with the new mining devices it will incorporate in the coming period.
Ben Gagnon, Bitfarms chief mining officer, said in a statement:
“This growth, combined with the recent declines in overall network hashrate, which has dropped from a 30-day average of 222 EH/s to 212 EH/s, indicates that we are in a good position to gain market share and increase our daily mined Bitcoins in July.”
The company also sold about 3,000 BTC to pay off part of the $ 100 million loan it received from Galaxy Digital, and was able to close last month with only half of the BTCs it owned.
In addition, the company was able to obtain a $37 million loan, which it secured with mining equipment.
As of June 30, Bitfarms company has a $63 million worth of 3,144 BTC when the BTC price is calculated at $20,000. cryptocurrency carries its existence. However, considering that the company had $ 188 million in BTC assets at the end of May, it can be said that the amount of BTC assets of the company in dollar terms decreased by 66.5%.
*Not investment advice.