The bitcoin mining company’s revenue and net income fell compared to the previous quarter, amid a decline in cryptocurrency prices. (The Logic)
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The bitcoin mining company’s revenue and net income fell compared to the previous quarter, amid a decline in cryptocurrency prices. (The Logic)
Talking point: Bitfarms reported US$40 million in revenue and US$5 million in net income in the quarter, a decrease of one third and one half, respectively. In Q1 2022, Bitfarms began production at a new site in Sherbrooke, Que., bringing its total number of mining centres to nine. Still, on its earnings call the company told investors it planned to scale back its expansion plans for the rest of 2022, citing logistics and supply chain issues brought by a rise in natural-gas prices, The Block reported. Meanwhile, Celsius Network, a U.S. company backed by the Caisse de dépôt et placement du Québec, announced Monday that it had filed a registration to pursue an IPO for its bitcoin mining subsidiary. CDPQ didn’t immediately respond to a request for comment.
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