{"id":70049,"date":"2022-11-14T17:43:05","date_gmt":"2022-11-14T15:43:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70049"},"modified":"2025-09-07T23:48:03","modified_gmt":"2025-09-07T20:48:03","slug":"bitfarms-narrows-quarterly-loss-to-85-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitfarms-narrows-quarterly-loss-to-85-million\/","title":{"rendered":"Bitfarms narrows quarterly loss to $85 million"},"content":{"rendered":"<p>The mining company Bitfarms reported a net loss of $85 million in the third quarter, against <a href=\"https:\/\/u1f987.com\/en\/news\/bitfarms-reports-142-million-loss-for-q2\">$142 million<\/a> in the previous period.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udcc8 Q3 2022 Financial Results<a href=\"https:\/\/twitter.com\/hashtag\/Bitfarms?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitfarms<\/a> will report its third quarter 2022 Financial Results today before the market opens.<\/p>\n<p>Management will host a conference call at 11:00 a.m. ET to review the financial results <a href=\"https:\/\/t.co\/GG0m37LC9J\">pic.twitter.com\/GG0m37LC9J<\/a><\/p>\n<p>\u2014 Bitfarms (@Bitfarms_io) <a href=\"https:\/\/twitter.com\/Bitfarms_io\/status\/1592121393508147200?ref_src=twsrc%5Etfw\">November 14, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The company&#8217;s negative financial results were largely driven by non-cash losses from the revaluation of cryptocurrency reserves and realised digital assets.<\/p>\n<p><span data-descr=\"earnings before income tax, interest and amortisation\" class=\"old_tooltip\">Operating profit (EBITDA)<\/span> for the period was $10 million.<\/p>\n<p>The company mined 1,515 BTC in the third quarter at total production costs of $14,300 per BTC. Compared with the second quarter, mining costs declined by 16% \u2014 from $17,000 per BTC.<\/p>\n<p>For July-September Bitfarms sold 2,595 BTC. As of September 30, the company&#8217;s cash reserves stood at $36 million and 2,064 BTC. In June <a href=\"https:\/\/u1f987.com\/en\/news\/bitfarms-abandons-bitcoin-accumulation-strategy\">abandoned<\/a> its strategy of accumulating cryptocurrency.\u00a0\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe remain unwavering in our commitment to maintaining financial resilience and flexibility. When BTC\u2019s price began to fall, we started reducing our leverage on the balance sheet. Since June 1, we have repaid debt totaling $94 million, including full repayment of the loans with the highest interest,\u201d said Bitfarms&#8217; chief financial officer Jeff Lucas.<\/p>\n<\/blockquote>\n<p>According to him, this will reduce annual interest payments by $9 million.<\/p>\n<p>In the third quarter the company increased hashrate by 17% to 4.2 EH\/s. Over the quarter, Bitfarms received and installed around 7,000 ASIC miners.\u00a0\u00a0\u00a0<\/p>\n<p>By the end of 2022, the firm expects to complete construction of the necessary infrastructure to scale up to 5 EH\/s.<\/p>\n<p>Earlier in the quarter, Marathon Digital Holdings narrowed its loss by <a href=\"https:\/\/u1f987.com\/en\/news\/marathon-digital-narrows-quarterly-loss-to-75-4-million\">more than twofold<\/a> (to $75.4 million), and Riot Blockchain by <a href=\"https:\/\/u1f987.com\/en\/news\/riot-blockchain-slashes-quarterly-loss-tenfold\">tenfold<\/a> ($36.6).<\/p>\n<p>Read ForkLog\u2019s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining company Bitfarms reported a net loss of $85 million in the third quarter, compared with $142 million in the prior period.<\/p>\n","protected":false},"author":1,"featured_media":70050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1184,1137],"class_list":["post-70049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfarms","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70049"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70049\/revisions"}],"predecessor-version":[{"id":70051,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70049\/revisions\/70051"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70050"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}