ICYMI: Bitcoin miner Bitfarms scales back growth plans for 2022 after drop in revenue, net profit
Canada-based bitcoin miner Bitfarms reported a net income of $5 million in the first quarter of 2022, down by about 50% from the previous quarter.
Bitfarms presented a 33.3% decrease in total revenue compared to last quarter, totaling $40 million. Gross mining margins dropped to 76%, compared to 84% in Q4 2021. A large portion of this growth was associated with the deployment of miners into a new facility in Argentina, operating inside the gates of a private power company, with up to 210 megawatts of power capacity available for Bitfarms.
Bitfarms currently operates a total of nine farms — up from six at the beginning of 2022 — and has a capacity of 137 megawatts, with an additional 92 megawatts under construction and scheduled to come online by the end of the year. This will take the total to 229 megawatts.Lucas also said that the company had an edge in the mining industry because of its relatively low operating costs. In Q1 2022, the Bitfarms had an average direct cost of $8,700 per bitcoin mined.
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