Copy link
Increase text size
Decrease text size
Link copied

Bitcoin mining firm Bitfarms’ Q2 revenue rose by 398% as it increases its market share rises to more than 1.5%

Bitfarms expects an eight-fold increase in its Bitcoin mining capacity by 2022.

Image by 3D Animation Production Company from Pixabay

Tue, 17 Aug 2021, 15:30 pm UTC

Bitfarms announced that its second-quarter revenues increased by almost 400 percent compared to the same period last year as it increased its market share to above 2 percent. The Canadian Bitcoin mining firm attributes the surge to the crackdown of crypto mining in China.

Bitcoin mining firm Bitfarms reported revenues of $36.7 million for the second quarter in 2021. This is a $29.3 million or a 398 percent increase compared to the revenues generated by the Canada-based firm for the same period last year.

The company also reported a gross mining profit of $28.1 million for Q2 2021, up from the $2.5 million it posted in Q 2020. Its gross mining margin also rose to 79 percent in the second quarter this year, a massive increase from last year’s 36 percent. Bitfarms said that both increases are due to the higher average BTC prices this year compared to the same period last year.

The company mined 759 Bitcoin for the period at an average cost of around $9,000 per BTC. As of June 30, 2021, Bitfarms held $1,293 Bitcoin valued at around $45.3 million at $35,057 per coin.

China’s ban on crypto mining has helped Bitfarms significantly increase its market share. “While the price of Bitcoin continues to fluctuate, the current market is favorable to our global operation with the ban on crypto-mining in China and the resultant shutdown of almost one-half of the network hash rate, allowing us to increase our market share to just above 1.5% from less than 1.0% at the beginning of the year,” Bitfarms CEO Emiliano Grodzki said.

The closure of Chinese mining firms also helped Bitcoin acquire cheaper mining equipment as some operated opted to sell their hardware. “In addition, the China ban enables us to procure miners more competitively than we have in the past and to leverage our infrastructure development and operating capabilities to further support our ambitious plans for expansion,” he added. “We are very excited about the months ahead.”

The CEO also revealed the company’s goal of becoming a global leader in the Bitcoin mining industry. “From the beginning of 2021 through the end of 2022, we expect to have increased our capacity eight-fold and have expanded our geographic resources throughout North and South America while continuing to pursue opportunities elsewhere,” he added.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Marronk
  • 2021.09.06 16:08:18
ClimaxRecovery.com is helping bitcoin scam victims recover scammed cryptocurrencies from scammers. Find out how;
An Australian invested a sum of $ 203,800 in cryptocurrencies. Thinking that you had increased your initial investment from $ 203,800 to $ 391,650. This felt so good as the investment grew rapidly in just a few weeks. When it was time to retire and his withdrawal request was denied, he realized that he would never get his money back.

Richard Harding discovered that he had been the victim of an aggressive cryptocurrency scam that cost him thousands of dollars. He realized that it might even have cost him more if he had to find out sooner and stop.

ClimaxRecovery.com it is a financial regulator and fund recovery body. They warn that these types of scams involving bitcoins and other cryptocurrencies or fake merchants are becoming more and more common and the victims come from different parts of the world.

How to get back scammed Bitcoin from Scammer
ClimaxRecovery.com is helping scam victims to recover stolen bitcoins and other cryptocurrencies from the scammer. Mr. Harding shares his experience as well as the best bitcoin recovery process from a scammer. He hopes that others are not victims of the same or similar schemes.

4 steps to recover scammed Bitcoin and stolen cryptocurrency from the scammer
Mr. Harding shares his experience and advice on the steps he took to get his scammed bitcoin back from the scammer below;

Visit www.climaxrecovery.com
Fill out the online trading claim form and provide all the required information
Provide as much information as possible about the date and time of the transaction or theft.
Provide the transaction ID, if you have it
The best way to recover scammed Bitcoin or stolen cryptocurrency

When it comes to recovering scammed, stolen, or lost cryptocurrencies, there are several possible options to explore. The three most popular methods include;

File a report with ClimaxRecovery.com:
The most guaranteed way to recover scammed bitcoins. Recover Lost or Stolen Cryptocurrencies by Reporting with ClimaxRecovery.com! However, due to the volume of requests they receive on a daily basis, the CEO of the company said that he only handles cases involving losses of more than $ 50,000 (USD). ClimaxRecovery.com, however, has the highest success rate of around 94% in the fund recovery industry.

Hiring an expert in fund recovery:
The second option to consider when it comes to recovering scammed bitcoins, lost or stolen cryptocurrencies is to hire a fund recovery expert. But when trying to hire a fund recovery expert, you need to make sure that the company you are hiring has all the experience and credibility necessary to successfully recover your lost funds. There are some fund recovery companies, but only a few like Climax Recovery it is highly recommended.

Request a chargeback by informing your wallet provider:
The third option when it comes to recovering stolen bitcoins. Recovery of stolen cryptocurrencies or lost funds from a cryptocurrency investment company. In addition to the investment scam in general, it is taking an actionable intelligence scam company by informing your cryptocurrency wallet provider and requesting a chargeback.

The services offered by the broker complaint alert include

The best bitcoin recovery service
Recover scammed bitcoins
Bitcoin Recovery Expert South Africa
How to recover scammed bitcoins
Recover scammed bitcoins in the UK
Bitcoin Recovery Expert UK
Get back bitcoin Australia scammed
Bitcoin recovery from a scammer
How to recover stolen cryptocurrencies
Hire a scammed bitcoin recovery expert
Who can help with the recovery of my stolen bitcoin?
The best bitcoin recovery expert to recover scammed bitcoins
I got scammed bitcoin
Why Broker Complaint Alert Is The Best Bitcoin Cryptocurrency Scam Recovery
Wondering why BrokerComplaintAlert.com is the best bitcoin and cryptocurrency scam recovery solution? In addition to being the most successful fund recovery service provider in the industry (with a 94% success rate), it also offers the best customer service experience for its clients.

They employ several innovative methods to track third party transactions using highly specialized investigative procedures. This is done in collaboration with the relevant financial regulator, law enforcement, and blockchain forensic experts to carry out a detailed assessment of cryptocurrency investment firms, decrypting their database of information.

2 guaranteed ways to get back scammed Bitcoin
By following the 2 steps below, you can be sure that you will get back your scammed bitcoin, as well as the stolen or lost cryptocurrency:

ClimaxRecovery.com offers a solution that not only ensures that victims of cryptocurrency scams get back stolen funds, but also guides cryptocurrency investors to ensure that they never lose money again. Besides this, you can also report cases of hacked bitcoin / cryptocurrency wallet, lost bitcoin password recovery or recovery phrase. ClimaxRecovery.com only accepts cases involving more than $ 50,000.

Hire a recovery expert like Atrium Forensics to reverse a failed or incorrect bitcoin transaction. Recover digital assets lost to bitcoin and cryptocurrency investment scams. Fake social media promoted the gift scam, as well as the loss of bitcoins or cryptocurrencies by other means. You can also report binary options, forex scams as well as bitcoin scams or crypto theft.

3 easy steps to recover scammed Bitcoin and lost cryptocurrency
Visit ClimaxRecovery or send an email to [email protected]
Provide all the necessary information
The recovery process begins and your recovered crypto is returned to you upon completion

Website: Climaxrecovery.com

Mail: [email protected]
https://www.youtube.com/watch?v=pBWvu2iliZw
  • 0
  • ·
  • 0
  • Marronk
  • 2021.09.06 16:06:36
ClimaxRecovery.com is helping bitcoin scam victims recover scammed cryptocurrencies from scammers. Find out how;
An Australian invested a sum of $ 203,800 in cryptocurrencies. Thinking that you had increased your initial investment from $ 203,800 to $ 391,650. This felt so good as the investment grew rapidly in just a few weeks. When it was time to retire and his withdrawal request was denied, he realized that he would never get his money back.

Richard Harding discovered that he had been the victim of an aggressive cryptocurrency scam that cost him thousands of dollars. He realized that it might even have cost him more if he had to find out sooner and stop.

ClimaxRecovery.com it is a financial regulator and fund recovery body. They warn that these types of scams involving bitcoins and other cryptocurrencies or fake merchants are becoming more and more common and the victims come from different parts of the world.

How to get back scammed Bitcoin from Scammer
ClimaxRecovery.com is helping scam victims to recover stolen bitcoins and other cryptocurrencies from the scammer. Mr. Harding shares his experience as well as the best bitcoin recovery process from a scammer. He hopes that others are not victims of the same or similar schemes.

4 steps to recover scammed Bitcoin and stolen cryptocurrency from the scammer
Mr. Harding shares his experience and advice on the steps he took to get his scammed bitcoin back from the scammer below;

Visit www.climaxrecovery.com
Fill out the online trading claim form and provide all the required information
Provide as much information as possible about the date and time of the transaction or theft.
Provide the transaction ID, if you have it
The best way to recover scammed Bitcoin or stolen cryptocurrency

When it comes to recovering scammed, stolen, or lost cryptocurrencies, there are several possible options to explore. The three most popular methods include;

File a report with ClimaxRecovery.com:
The most guaranteed way to recover scammed bitcoins. Recover Lost or Stolen Cryptocurrencies by Reporting with ClimaxRecovery.com! However, due to the volume of requests they receive on a daily basis, the CEO of the company said that he only handles cases involving losses of more than $ 50,000 (USD). ClimaxRecovery.com, however, has the highest success rate of around 94% in the fund recovery industry.

Hiring an expert in fund recovery:
The second option to consider when it comes to recovering scammed bitcoins, lost or stolen cryptocurrencies is to hire a fund recovery expert. But when trying to hire a fund recovery expert, you need to make sure that the company you are hiring has all the experience and credibility necessary to successfully recover your lost funds. There are some fund recovery companies, but only a few like Climax Recovery it is highly recommended.

Request a chargeback by informing your wallet provider:
The third option when it comes to recovering stolen bitcoins. Recovery of stolen cryptocurrencies or lost funds from a cryptocurrency investment company. In addition to the investment scam in general, it is taking an actionable intelligence scam company by informing your cryptocurrency wallet provider and requesting a chargeback.

The services offered by the broker complaint alert include

The best bitcoin recovery service
Recover scammed bitcoins
Bitcoin Recovery Expert South Africa
How to recover scammed bitcoins
Recover scammed bitcoins in the UK
Bitcoin Recovery Expert UK
Get back bitcoin Australia scammed
Bitcoin recovery from a scammer
How to recover stolen cryptocurrencies
Hire a scammed bitcoin recovery expert
Who can help with the recovery of my stolen bitcoin?
The best bitcoin recovery expert to recover scammed bitcoins
I got scammed bitcoin
Why Broker Complaint Alert Is The Best Bitcoin Cryptocurrency Scam Recovery
Wondering why BrokerComplaintAlert.com is the best bitcoin and cryptocurrency scam recovery solution? In addition to being the most successful fund recovery service provider in the industry (with a 94% success rate), it also offers the best customer service experience for its clients.

They employ several innovative methods to track third party transactions using highly specialized investigative procedures. This is done in collaboration with the relevant financial regulator, law enforcement, and blockchain forensic experts to carry out a detailed assessment of cryptocurrency investment firms, decrypting their database of information.

2 guaranteed ways to get back scammed Bitcoin
By following the 2 steps below, you can be sure that you will get back your scammed bitcoin, as well as the stolen or lost cryptocurrency:

ClimaxRecovery.com offers a solution that not only ensures that victims of cryptocurrency scams get back stolen funds, but also guides cryptocurrency investors to ensure that they never lose money again. Besides this, you can also report cases of hacked bitcoin / cryptocurrency wallet, lost bitcoin password recovery or recovery phrase. ClimaxRecovery.com only accepts cases involving more than $ 50,000.

Hire a recovery expert like Atrium Forensics to reverse a failed or incorrect bitcoin transaction. Recover digital assets lost to bitcoin and cryptocurrency investment scams. Fake social media promoted the gift scam, as well as the loss of bitcoins or cryptocurrencies by other means. You can also report binary options, forex scams as well as bitcoin scams or crypto theft.

3 easy steps to recover scammed Bitcoin and lost cryptocurrency
Visit ClimaxRecovery or send an email to [email protected]
Provide all the necessary information
The recovery process begins and your recovered crypto is returned to you upon completion

Website: Climaxrecovery.com

Mail: [email protected]
https://www.youtube.com/watch?v=pBWvu2iliZw
  • 0
  • ·
  • 0
  • leekey
  • 2021.08.19 13:55:30
I got suspicious that I was being scammed of my investment when I was constantly directed to pay more money. Eventually access to trading account was blocked and I was prevented from making any successful withdrawal. I am not sure what would be of me if I didn’t find perfectwealthrecovery.com, who assisted me in getting my money. Please be careful how you make investments.
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $41,955.00 (-1.43%)
  • Ethereum (eth) $2,853.57 (-4.43%)
  • Tether (usdt) $0.999230 (-0.22%)
  • Cardano (ada) $2.03 (-2.38%)
  • Binance Coin (bnb) $351.67 (-2.73%)
  • Bitcoin (btc) $41,955.00 (-1.43%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft