Bitfarms reported a $142 million loss for the second quarter

Nasdaq and Toronto Stock Exchange-listed Bitfarms reported a net loss of $142 million for the second quarter. The mining company mined 1,257 BTC between April and June, according to a press release.

Total revenue was $42 million. The figure was 4% higher than the result obtained in January-March. The company’s hash rate increased by 33%, to 3.6 EH.

Bitfarms sold 3,357 BTC worth $69 million during the reporting period. Earlier, it abandoned its bitcoin hoarding strategy. The firm used the proceeds to reduce its line of credit from Galaxy Digital to $38 million.

“As we enter the second half of 2022, we are focused on driving our growth and maximizing profitability,” Bitfarms President and COO Jeff Morphy said.

The company also deferred the delivery and payment of some of its mining equipment until next year.

“We optimized resources by deferring a $39 million capital investment from the fourth quarter of 2022 to 2023,” said the organization’s CFO Jeff Lucas.

In the spring, analysts at Arcane Research ranked Bitfarms among the five most overvalued publicly traded mining companies in the market, according to a metric they developed. The leader of the “anti-rating” was Marathon Digital Holdings.

Recall that in June most of the public miners began to sell bitcoin stocks, liquidating 14,600 BTC.

In July the trend continued: 5,767.9 BTC were sold, while the total production was 3,478 BTC.

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