Bitfarms June Revenue Down 40% From May

Bitfarms provided their June 2022 Production and Mining Operations Update earlier today and revealed that their earnings were down 40% compared to the prior months earnings.

Bitfarms was able to produce/mine 420 Bitcoins in the month of June, only a slight drop from May’s 431 BTC. Although the price of BTC has been dropping, the mining difficulty has also been increasing. Bitfarms installed 2,000 Whatsminer M30S to their Bunker, which added around 0.2 EH/s to their hashrate, but still produced/minded less BTC than in prior months.
They also completed building new infrastructure in Rio Cuarto, Argentina.

The mining firm also had to sell 3,000 BTC to partially pay off a $100 million loan with Galaxy.

As of June 30, the firm has 3,144 BTC in custody. BTC held in custody on June 30, reflects the sale of 3,352 BTC during June 2022.