Crypto Mining Firm Bitfarms Records Profit in First Half Of 2018

Bitfarms Technology Ltd (formerly known as Blockchain Mining Ltd), a Canadian-Israel crypto mining firm, has released financial reports for the first half of 2018.

The firm reported that it made a net income of USD 4.9 million on revenue of USD 22.3 million during the first half of the year, which ended on 30th June 2018.

However, investors do not seem excited about the report because of the fall in stock value as stated on the Tel Aviv stock exchange. Bitfarms still sees the report as a profit despite the decline in the crypto market so far in the year 2018.

“We are very proud of the tremendous progress made in the first half of Fiscal 2018. Through disciplined execution and responsible financial management, our team has completed several key initiatives that align with our strategic objectives of securing low-cost, clean energy,” said the firm’s CEO, Wes Fulford.

The breakdown of the report for the first six months show that Bitfarms produced a total of 1,923 BTC (78 percent), 2,222 BCH (17 percent), 3,324 LTC (3 percent), 567 ETH (2 percent), and 220 DASH (0.3 percent), which represents a revenue of USD 21.1 million, with a gross profit of USD 12.5 million.

Profit Despite Market Decline

According to Bitfarms’ financial report for the second half of 2017, a net income of USD 4.9 million on USD 8.6 million revenue was recorded.

So far, the company’s report seems impressive considering the factors surrounding crypto mining especially power – one of the most significant components for crypto mining. According to Bitfarms, the cost of electricity for mining a single BTC is USD 1,567.

Since the inception of 2018, the prices of major cryptocurrency have fallen tremendously. In most cases, it can be attributed to stiff government regulations that have caused a massive decline in virtual currencies trade.

Bitfarms Bullish on Crypto Mining

The mining firm bought a plot of land and industrial properties at Sherbrooke and Quebec respectively. These properties will house its new “mega facility” which is enough to grow its mining operation. The firm also agreed with Hydro-Sherbrooke to secure 98 MW of low-cost electricity.

Again, Bitfarms also acquired a company with 40 electricians specialized in building infrastructure for computing centers, and installed over 6,500 ASICs at a St. Hyacinthe, Quebec facility producing about 91 PH/s of hash power.