Bitcoin Miner Bitfarms Reports Mixed Q2 Earnings, Stock Rises 20%
Bitcoin mining company, Bitfarms has experienced a surprising surge in its stock price, rising 20% despite reporting a mixed financial performance for the second quarter.
The company posted revenue of $42 million, which marks a 16% decrease from the previous quarter but a 17% increase compared to the same period last year.
Bitfarm revenue fluctuation follows the Bitcoin halving event on April 19, which halved the rewards miners receive, impacting their profitability.
#Bitfarms continues to grow and explore new opportunities!
"We continue to dramatically alter our operating profile via our ongoing fleet upgrades and our geographic expansion,” said CEO Ben Gagnon. “We are taking a very close look at all of our MWs and evaluating several… pic.twitter.com/9p0nvTHun4
Another factor behind Bitfarms’ stock surge is the company’s expansion efforts. Bitfarms said it has been actively diversifying its operations geographically, adding 220 megawatts (MW) of capacity in Paraguay and Pennsylvania.
This expansion included energizing its largest site to date in Paso Pe, Paraguay. The new site in Sharon, Pennsylvania, is also noteworthy due to its location on the PJM Interconnection, which will provide Bitfarms with long-term access to low-cost U.S. energy and flexible power trading options, said the firm.
The PJM grid is known for its energy supply, which is increasing its renewable capacity and contributing to reducing greenhouse gas emissions.
In South America, Bitfarms reports it has made notable progress by energizing its 70 MW site in Paso Pe, which has become the company’s largest site by both exahash (EH) and MW.
The bitcoin mining company has signed an agreement for an additional 100 MW in Yguazu, which will bring its total
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