Bitfarms saw its bitcoin mining revenue fall by nearly 40% in June compared to the previous month, while Bitcoin lost about a third of its value.
Mining revenues are based on current Bitcoin prices, which plummeted from around the $30,000 mark at the beginning of June to around $20,000 now.
The company mined a total of 420 BTC in June, just a slight 2.6% decrease from May, according to a statement on Friday. It increased its hash rate by 0.2 exahash per second (EH/s) over the same period of time.
Considering upcoming miner installations, it expects to hit the Q2 2022 target of 4.0 SH/s within the next two weeks.
“This growth, coupled with recent declines in the overall network hashrate, from a 30-day rolling average of about 222 EH/s to 212 EH/s, signals we are well positioned to gain market share and increase our daily mined Bitcoins in July,” said Ben Gagnon, chief mining officer of Bitfarms.
The company also ended the month with about half of the bitcoin holding it held before, having sold about 3,000 BTC to pay down part of a $100 million loan from Galaxy Digital.
At the same time, it secured an additional $37 million facility collateralized by mining machines.
As of June 30, Bitfarms had a total of 3,144 BTC, with a value of around $63 million based on a bitcoin price of S$20,000. Comparing that to $188 million based on a bitcoin price of $31,000 at the end of May, the dollar value of Bitfarms’s bitcoin holdings fell by roughly 66.5%.