Key Takeaway:
Bitfarms, a Canadian Bitcoin mining firm, revealed in its Q2 financial results that it is on track to achieve guidance of 21 EH/s in 2024. The company saw a surge in shares following the release of its financial results, with revenue exceeding analysts’ expectations.
Bitfarms Q2 Financial Results Impact
Bitfarms reported revenue of $42 million in Q2, a 17% increase year-over-year. The firm attributed a 16% decrease from the previous quarter to the Bitcoin halving event in April. Despite this, the net loss of $27 million was better than expected, leading to a positive market response.
Bitfarms Dodges Takeover Attempt
During Q2, Bitfarms sold 515 BTC at an average price of $65,500 and added 111 BTC to its treasury. The company reiterated its commitment to executing its strategic plan independently, despite a previous acquisition proposal from Riot Platforms that was later withdrawn.
CEO’s Perspective on Bitfarms’ Progress
Newly appointed CEO Ben Gagnon highlighted Bitfarms’ significant strides towards accelerated growth and efficiency gains. The company is on track to achieve its 2024 guidance of 21 EH/s through new site agreements, positioning itself for future success in the cryptocurrency market.
