Mining Company Bitfarms Lost $85 Million in Q3 2022

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Mining company Bitfarms recorded a net loss of $85 million in Q3 2022 against $142 million in the previous period.

According to the company, its negative financial results are mainly related to non-cash losses from the revaluation of cryptocurrency reserves and realized digital assets.

The firm has reported that operating profit for the reporting period amounted to $10 million.

The company mined 1,515 BTC in Q3, with a total production cost of $14,300 per coin. Compared to the second quarter, the cost of mining decreased by 16%.

Between July and September, Bitfarms sold 2,595 BTC. As of September 30, the company’s reserves were $36 million in cash and 2,064 BTC. The firm abandoned its cryptocurrency accumulation strategy in June.

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