Bitcoin miner Bitfarms scales back growth plans for 2022 after drop in revenue, net profit
Canada-based bitcoin miner Bitfarms reported a net income of $5 million in the first quarter of 2022, down by about 50% from the previous quarter.The firm also said during its earnings call on Monday that it would scale back expansion plans for the rest of the year due to logistics and supply chain issues related to the increase in natural gas prices.
President and COO Jeff Murphy spined the current challenges the market is facing as an opportunity for the company to "increase relative market share gains," as the capital supply chain and other constraints potentially slow the growth of the network.Bitfarms presented a 33.3% decrease in total revenue compared to last quarter, totaling $40 million. Gross mining margins dropped to 76%, compared to 84% in Q4 2021.Murphy said that Bitfarms continued to present profitable results "despite the price erosion in Bitcoin."
Source
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