According to the second-quarter results, Bitfarms, traded on the Nasdaq and Toronto Stock Exchange, posted a net loss of $142 million. According to a press release, the mining company mined 1,257 BTC in April-June.

Total revenue was $42 million, 4% higher than the result in January-March. The company’s hash rate rose 33% to 3.6 EH/s.

During the reporting period, Bitfarms, which sold 3,357 BTC for $69 million, had previously abandoned its bitcoin hoarding strategy. The firm used the proceeds to reduce Galaxy Digital’s line of credit to $38 million.

“As we enter the second half of 2022, we are focused on sustaining our growth and maximizing profitability,” said Jeff Morphy, Bitfarms President and COO.

The company has also postponed the delivery and payment of some mining equipment to next year.

“We have optimized resources by postponing $39 million in capital expenditure from Q4 2022 to 2023,” said Jeff Lucas, the organization’s chief financial officer.

In the spring, Arcane Research analysts named Bitfarms among the top five most overvalued public mining companies in the market, according to a metric they developed. The leader of “anti-rating” was Marathon Digital Holdings.

Recall that in June, the majority of public miners started selling their Bitcoin reserves and liquidated 14,600 BTC.

In July, the trend continued, with miners mining 5767.9 BTC for a total of 3478 BTC.

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