Bitfarms cost is just $1567 to mine each BTC

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Tel Aviv Stock Exchange listed firm Bitfarms Technologies Ltd. (TASE: BLLCF), which has access to cheap renewable energy in Canada, reports that mining a single BTC cost the company just $1567 in the first half of the year.

The report shows that the company generated 1,923 BTC, 2,222 BCH, 3,324 LTC, 567 ETH and 220 DASH during the first six months of 2018. And the figures also reveal that it cost Bitfarms just $1567 to mine each BTC.

Bitfarms has bought land and two industrial properties in Sherbrooke, Quebec where it plans to build a “mega-facility”. It negotiated energy purchasing agreements with Hydro-Sherbrooke to secure 98 MW of low-cost electricity, enough to grow its mining operation five times their current size. The company also reports it completed the Report: Miner Spends Only $1567 per Bitcoinconstruction of leasehold improvements and installation of all electrical infrastructure for a new 10MW facility in Magog, Quebec.

Financial highlights for the period include mining operations segment revenue of $21.1 million, gross profit of $12.3 million (58% gross profit margin), gross mining profit of $17 million (80% gross mining margin), operating income of $8.1 million (38% operating margin), EBITDA of $13.9M (66% EBITDA margin) and net income of $6.2 million. Bitfarms also executed an acquisition of a company with 40 electricians specialized in building infrastructure for computing centers, and installed over 6,500 ASICs at a St. Hyacinthe, Quebec facility producing about 91 PH/s of hash power.

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