The Canadian-based bitcoin mining company, Bitfarms, reported that its revenue grew 396% year-on-year to reach $ 36.7 million in the second quarter of 2021.
“The second quarter of 2021 was fundamental for our company,” said Emiliano Grodzki, CEO of Bitfarms, adding that “from early 2021 to late 2022, we expect to have increased our capacity eightfold and expanded our geographic resources throughout North and South America, while continuing to seek opportunities elsewhere.”
After the publication of the results and the closing of the operations, the shares of Bitfarms they rose 0.5% to $ 6.42 and accumulate almost 240% so far this year.
The company created by two Argentines reported that it mined 759 bitcoins in the second quarter at an average cost of about $ 9,000 per cryptocurrency, and had 1,293 bitcoins valued at $ 35,057 each, or about $ 45.3 million.
As reported by the company, the average cost of producing each bitcoin was $ 9,000 during the quarter, compared to $ 5,075 in the same quarter a year earlier. The increase was due to expenses related to third-party hosting, but was offset by the benefit of operating efficiencies.
Grodzki added that “while the price of bitcoin continues to fluctuate, the current market is favorable for our global operation with the ban on cryptocurrency mining in China and the resulting shutdown of almost half the network’s hash rate, allowing us to increase our market share to little more than 1.5% from less than 1.0% at the beginning of the year. “