Bitcoin mining company Bitfarms Ltd. announced its financial results for the second quarter ended June 30, 2023, with revenue of $35 million, a net loss of $25 million, and adjusted EBITDA* of $8 million.
Gross mining profit and gross mining margin are $14 million and 42%, respectively, compared to $12 million and 42% in Q1 2023.
Operating loss of $25 million, including a $10 million impairment charge, compared to an operating loss of $15 million in the first quarter of 2023, including a $1 million realization gain on digital asset disposals and a $3 million digital asset revaluation Loss reversed.
The company mined 1,223 BTC in Q2, at an average direct production cost of $15,700 per BTC, compared to $12,500 in Q1 2023.
The company holds $31 million in cash and 549 bitcoins, worth approximately $17 million, based on a bitcoin price of approximately $30,500 as of June 30, 2023.