Golden Finance reported that Bitcoin mining company Bitfarms Ltd. announced its second quarter financial results for the period ended June 30, 2023, with revenue of $35 million, a net loss of $25 million, and an adjusted EBITDA* of $8 million. Total mining profit and total mining profit margin were $14 million and 42%, respectively, compared with $12 million and 42%, respectively, in the first quarter of 2023. Operating loss was $25 million, including $10 million in impairment charges, compared with an operating loss of $15 million in the first quarter of 2023, including $1 million in digital asset disposal gains and $3 million in digital asset revaluation loss reversal. The company mined 1,223 BTC in the second quarter, with an average direct production cost of $15,700 per BTC, compared with $12,500 in the first quarter of 2023. As of June 30, 2023, the Company held $31 million in cash and 549 bitcoins, valued at approximately $17 million based on a bitcoin price of approximately $30,500 as of June 30, 2023.
