- Bitfarms (NASDAQ:BITF) reported 3.6 EH/s online in mining production as of June 30, 2022; during the month it mined 420 new BTC marking a 58% Y/Y increase.
- "The Bunker is nearing the completion of Phase 2, and it will be our largest active site, with 36 MW powering ~913 PH/s, which alone is nearly our total hashrate as at the end of 2020. Miner deployments at The Bunker drove a 6% increase in our sequential M/M hashrate to 3.6 EH/s," Chief Mining Officer Ben Gagnon commented.
- On a daily average, the company mined 14 BTC (compared to 13.9 bitcoin/day in May) which is equal to ~280K and ~$8M for the month based on a BTC price of $20K on June 30, 2022.
- On June 30, 2022, the company held 3,144 BTC representing a total value of ~$63M based on a BTC price of $20K.
- In June, the company completed the building structure for the first 50 MW warehouse in Rio Cuarto, Argentina; with construction on schedule, the company expects production to commence at this first warehouse in Q4 2022 and it plans to complete the second 50MW facility in Q1 2023.
- In June, Bitfarms initiated and completed certain financing activities that reduced overall debt and increased liquidity; paid down $100M BTC-backed loan facility to $38M, sold 3,352 BTC for total proceeds of $69M and amended BTC-backed loan that was to mature June 30, 2022 extending the maturity by three-months for a maximum of $40M.
- Shares trading 2.7% higher premarket.
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