The Toronto-based crypto-mining company said it made $10 million in net income and generated $60 million in revenue last quarter. (The Logic)
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The Toronto-based crypto-mining company said it made $10 million in net income and generated $60 million in revenue last quarter. (The Logic)
Talking point: The figures are a sharp increase from the same period the previous year, when Bitfarms reported a net loss of $5 million and revenue of $12 million. Bitfarms ended 2021 with $22 million in net income, compared with a $16-million loss in 2020. The company also outlined plans to expand beyond its original operations base in Canada. Bitfarms said it has made investments in Argentina, where it is developing two warehouses, in addition to the U.S. and Paraguay. CEO Geoff Morphy said in a release that the company is reviewing the impact of higher global energy prices on its operations.
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