Crypto Blog
Toronto-based Bitcoin mining company Bitfarms reported a total revenue of $42 million, marking a 16% decline quarter-over-quarter.
This decrease is attributed to the reduction in block rewards resulting from the BTC halving event on April 19, 2024.Bitfarms reported a net loss of $27 million, or $0.07 per share, which includes a $1 million non-cash expense for revaluing warrant liabilities from financing activities in 2021 and 2023. This compares to a net loss of $6 million, or $0.02 per share, in Q1 2024, which included a $9 million non-cash gain from revaluing warrant liabilities.
CEO Ben Gagnon, who took on the role last month, highlighted the company’s ongoing expansion and diversification efforts. Bitfarms. The company’s latest addition is a site in Sharon, PA, marking Bitfarms’ initial entry into the PJM region. Gagnon expressed confidence in the PJM area, describing it as the most promising energy market in the US.
In the latest report, Bitfarms reaffirmed that its Special Committee has “unanimously determined that continuing to execute Bitfarms’ strategic plan as an independent public company,” while noting that the board and management are willing to consider any opportunities that could enhance shareholder value.
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.
Chinese mining firm files judicial review against OttawaNo 1 source of global mining news and opinion
Read more »
Bitcoin Skyrockets to New All-Time High in Mining Difficulty Amid Largest Increase EverBitcoin just hit record high in mining difficulty, with the largest increase in history
Read more »
Trump says he’ll make US a ‘bitcoin-mining powerhouse’Political News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »
Buy the dip in these bitcoin mining stocks, Cantor Fitzgerald saysBitcoin was no exception to Monday's broad market rout, which makes it a good time to buy certain mining stocks, Cantor Fitzgerald says.
Read more »
Swan Bitcoin Drops IPO Plan, Cuts Staff and Will Shut Managed Mining UnitAoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
Read more »
One in a Billion: Tiny Bitcoin Mining Device Defies Odds, Earns $206,000 Block RewardCrypto Blog
Read more »