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.
They clearly say they already have 7.2 already purchased for 2022 and planning to push it to 8 before the end of the year. They are not scaling back.
Why everybody is silent about this?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why the Hottest News at Bitcoin 2022 Was Not About Bitcoin | HackerNoonThis year’s Bitcoin 2022 in Miami came after the legalization of Bitcoin in El Salvador in September last year bringing the announcement of Shopify integration
Source: hackernoon - 🏆 532. / 51 Read more »
Consensus 2022 Presented by CoinDesk | June 9-12, 2022There are only 25 days until Consensus2022. Register for the festival of the decentralized world: consensus2022 Why everybody is silent about this consensus2022 Hydra on ku-coin, check out the mechanisms, high staking/savings rewards!. Never changes below 20% ❤️❤️❤️ hydra4life100 consensus2022 I will have a while till I die, while being poor though
Source: CoinDesk - 🏆 291. / 63 Read more »
Consensus 2022 Presented by CoinDesk | June 9-12, 2022Foundations at Consensus2022 is your direct door to network with both protocol and stakeholder communities, like Cosmos. Cosmos is working to make a home for all blockchain applications in our expansive world. Join them at Consensus2022: consensus2022 cosmos Why everybody is silent about this? consensus2022 cosmos I don't know Rick, it seems fake hahaha, just kidding, I hope they have a good commission for trading better than the competition.
Source: CoinDesk - 🏆 291. / 63 Read more »
See the first lunar eclipse of 2022: Everything you need to knowThe sun, Earth, and moon will align this weekend to create the first total lunar eclipse of 2022.
Source: dcexaminer - 🏆 6. / 94 Read more »
Edgewater Live and Euclid Beach Live on hiatus for 2022This summer, Cleveland Metroparks will instead focus on its new concert concept, which will offer five concerts in five different locations around Northeast Ohio. Those locations include Wildwood Marina, Squire’s Castle and Stinchcomb Memorial.
Source: clevelanddotcom - 🏆 301. / 63 Read more »
Ukraine’s Kalush Orchestra Wins Eurovision Song Contest 2022 With Ode to Mother ‘Stefania’“Some stuff in here was written long before the war, and it was dedicated to my mother,” Psiuk said. “After it all started...people started seeing it as their mother, Ukraine.” Too much politics in this supposedly musical competition. Congratulations to him and Congratulations to Ukraine
Source: thedailybeast - 🏆 307. / 63 Read more »