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.