Bitfarms reduced plans for business development after a drop in profits in the first quarter 2022 of the year – Bits Media

– Bits Media />

Canadian mining company Bitfarms reported a drop in net profit to $5 Milln in the first quarter 2022 of the year. In this regard, the company's management decided to reduce business development plans.

According to Bitfarms financial reports, the company's net profit for the first quarter 2022 decreased to $5 million. This is on 50% less, than the profit for the fourth quarter of last year. Therefore, Bitfarms management decided to reduce the scale of business development until the end of the year. Total income decreased by 33% по сравнению с результатами прошлого квартала и составил $40 million, а маржинальность майнинга снизилась с 84% to 76%.

Как отметил президент и операционный директор Bitfarms Джефф Мерфи (Jeff Murphy), сейчас на рынке сложилась тяжелая ситуация с поставками майнингового оборудования, поэтому развитие компании будет идти медленнее, чем планировалось. Однако он подчеркнул, that Bitfarm remains profitable, “despite the Bitcoin price drop”.

Initially planned, that the total hashrate of Bitfarms equipment will reach 7.2 Eh/s by the end of the year. Now it's about achieving 6.0 Eh / s. Currently the figure is 3.4 Эх/с – около 1.5% from the total network hashrate of the first cryptocurrency. В рамках развития бизнеса оборудование будет устанавливаться на новой майнинговой ферме в Аргентине.

The company currently operates nine mining farms, while at the beginning of the year there were six of them. The current capacity of the equipment is 137 MW, but by the end of the year it is planned to put into operation more 92 MW. As of 31 March on Bitfarms wallets were stored 5 244 BTC, out of which 961 BTC was mined in Q1. At the beginning of the year, the company announced the purchase 1 000 for BTC $43.2 million.