Bitfarms reports Q2 EPS (10c) vs (70c) last year

Reports Q2 revenue $35M vs $30M last year. “During the second quarter, we continued our strategy of leading into the next BTC halving responsibly deploying capital to drive greater operating efficiencies in conjunction with geographic expansion and diversification,” said Geoff Morphy, President and CEO of Bitfarms. “With ongoing investments in infrastructure and fleet upgrades, we increased our hashrate by 10% during Q2 2023 to 5.3 EH/s as of June 30, 2023, and as BTC prices continued to recover amidst increases in network difficulty, our low operating cost model drove Adjusted EBITDA* to $8 million, up from $7 million in Q1 2023. Averaging 13.4 BTC mined per day in Q2 2023, we mined a total of 1,223 BTC in the quarter. Continuing to position our company for opportunistic development across multiple jurisdictions, we increased financial liquidity and flexibility by paying down indebtedness and retaining a portion of BTC from production. We added to our BTC holdings each month in Q2 2023, as gross mining profit* of $14 million and gross mining margin* of 42% supported continued HODLing as we added 114 BTC to treasury during the quarter.”