Mining firm Bitfarms saw its Bitcoin mining revenue drop by nearly 40% year-on-year in June, while Bitcoin prices fell by about a third over the same period. Mining revenue is based on the current Bitcoin price, which has plummeted from around $30,000 in early June to around $20,000 now.
The company produced a total of 420 Bitcoins in June, down 2.6 percent from May, according to a statement Friday. In the same time period, it increased the hash rate by 0.2 EH/s. Taking into account the upcoming miner deployment, the company expects to reach its target of 4.0 EH/s in Q2 2022 within the next two weeks.
Prior to the news on June 21, Bitfarms announced to adjust the HODL strategy to improve liquidity and strengthen its balance sheet. In the past week, Bitfarms sold a total of 3,000 Bitcoins at a total price of about $62 million, and completed the previously announced $37 million in new equipment financing in partnership with NYDIG, increasing company liquidity by about $100 million.