Member Info for HopeGreedNothing

H - I had a chuckle at the ceo stating "As careful stewards of capital,.......... when they lost a fortune on buying btc at a price then selling the btc at a lower price.

supply lines are nearing completion.
Finished demolition and reconstruction preparation at Garlock, the newest site in City of Sherbrooke, Québec. All equipment, including transformers and acoustic louvers, have been ordered.
Initiated production of 16 MW at Leger site in City of Sherbrooke, Québec during Q2 2022. Leger recently reached its full productive capacity of 30 MW.
2022 Expansion Plan Update?Bitfarms’ infrastructure construction contracts are projected to provide
4.2 EH/s as of September 30, 2022 and
6.0 EH/s as of December 31, 2022.
The Company already has 1.2 EH/s of miners contracted for 2023 for its Argentinian warehouses.

of digital assets.
Net loss was $142 million, or ($0.70) per basic and diluted share, compared to a net loss of $4 million and a comprehensive loss of $9 million, or $(0.02) per basic and diluted share, in Q2 2021.
Adjusted EBITDA* was $19 million, or 45% of revenue, compared to $24 million, or 65% of revenue, in Q2 2021 and $21 million, or 53% of revenue, in Q1 2022.
The Company mined 1,257 BTC at an average direct cost of production per BTC** of $9,900, compared to $9,000 in Q2 2021 and $8,700 in Q1 2022.
Liquidity ?“By deleveraging our balance sheet and increasing financial flexibility, we are better positioned to execute our growth initiatives to drive market share gains and increased production,” said Jeff Lucas, CFO of Bitfarms. “As careful stewards of capital, to better align with our capacity expansion, we amended our miner delivery schedule to match our deployment plan. Thus, we optimized resources, deferring $39 million in capex spending from the fourth quarter of 2022 into 2023.”
At June 30, 2022, the Company held $46 million in cash and 3,144 BTC valued at approximately $62 million based upon the June 30, 2022 BTC price of approximately $19,800.
During the second quarter of 2022, Bitfarms completed the following financing activities:
Sold 3,357 BTC for aggregate proceeds of $69 million.
Closed a $37 million new equipment financing agreement.
Paid down $62 million of the BTC-backed loan facility reducing it to $38 million, lowering interest expense by $7 million on an annualized basis and freeing up $27 million of BTC that was collateralizing the facility.
Amended the BTC-backed loan, reducing the maximum from $100 million to $40 million, while extending the maturity by three months to October 1, 2022.
Raised $9.6 million of net proceeds through the at-the-market equity program.?
Subsequent to quarter end, Bitfarms:
Adjusted the delivery and payment schedule, without penalty, of certain mining equipment until 2023 to better align their availability with scheduled infrastructure completion.
Paid down another $15 million of the BTC-backed loan facility, reducing the balance to $23 million as of July 31, 2022, and freeing up an additional $6 million of BTC.
Raised $4.1 million of net proceeds through the at-the-market equity program.??
Recent Operating Highlights
Received and installed over 10,300 miners in Q2 2022, adding more than 900 PH/s to Bitfarms’ online hashrate.
Surpassed 3.9 EH/s corporate hashrate in the beginning of August.
Exceeded 17 BTC/day in daily production at July 31, 2022.
Increased total electrical capacity by 29 MW to 166 MW subsequent to quarter-end, up 21% from June 30, 2022.
Phase 2 of The Bunker added 18 MW.
Leger full production added 8 MW.
Washington state new production contributed 3 MW.
Continued construction on two 50 MW warehouses in Rio Cuarto, Argentina. The framing and exterior of the first building, the foundational supports for the transformers, and the high voltage electrica

Bitfarms - Generated positive cash flow from mining operations -??
- Mined 1,257 BTC in Q2 2022 and 500 BTC in July 2022 -
- Increased capacity and production with new locations in Quebec -
- Continued build out in Argentina and on track to start production in Q4 2022 -
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated August 16, 2021 to its short form base shelf prospectus dated August 12, 2021.
TORONTO, Ontario and BROSSARD, Québec, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin self-mining company, reported its financial results for the second quarter ended June 30, 2022. All financial references are in U.S. dollars. During second quarter 2022, Bitfarms mined 1,257 bitcoin (BTC).
“In second quarter 2022, we generated positive cash flow from our operations with Adjusted EBITDA of $19 million, even with the downturn in the BTC price. Entering the second half of 2022, we are focused on executing our growth and maximizing our profitability," said Geoff Morphy, Bitfarms' President and COO.
“Delivering strong operational growth, we increased our corporate hashrate by 33% from the beginning of the quarter and by 157% from a year ago to 3.6 exahash per second (EH/s) at June 30, 2022. Having brought online phase 2 of The Bunker buildout, we added further gains in our market share, which is now approaching 2% of the BTC network, a Bitfarms’ record.
“This has resulted in robust production of over 17 BTC/day at July 31, 2022. Productivity, as measured by BTC per average EH/s, reached 135 in July, among the best in the industry. For our existing production, we continue to benefit from low-cost hydropower, sophisticated proprietary mining management software, and in-house repair capabilities, which together maximize miner uptime. Overall, we are building on this strong foundation for long-term success and expanding our existing geographically diversified operations.
“By bringing online our first warehouse in Argentina and phase 3 of The Bunker buildout, we are targeting 4.2 EH/s and 6.0 EH/s by the end of third quarter and year-end 2022, respectively,” added Morphy.
Financial Results for the Quarter ended June 30, 2022?Financial results in the second quarter of 2022 were significantly impacted by the decline in the market price of BTC during the quarter.
For Q2 2022:
Total revenue increased to $42 million, up $5 million, or 14%, from Q2 2021 and up 4% from Q1 2022.
Gross mining profit* and gross mining margin* were $27 million and 66%, respectively, compared to $28 million and 79% in Q2 2021, respectively.
Operating loss was $173 million, including a $78 million realized loss on disposition of digital assets, a $70 million unrealized loss on revaluation of digital assets, and an $18 million impairment on goodwill, compared to an operating loss of $2 million in Q2 2021, which included an unrealized loss of $15 million on revaluat

As of June 30, 2022, the Company had received net proceeds on sales of 30.6 million of the Company’s common stock of approximately $270.6 million, further strengthening Riot’s financial position amid challenging market conditions. Net proceeds are anticipated to be used towards financing Riot’s ambitious growth opportunities, as well as for general corporate purposes. Subsequent to June 30, 2022, and as of the date of filing, the Company received additional net proceeds on sales of approximately 6.5 million shares of common stock of approximately $31.5 million.
Goodwill Impairment
Due to adverse market conditions in the second quarter of 2022 the Company performed an interim goodwill impairment assessment, as of June 30, 2022, assisted by an independent valuation specialist firm. This assessment included a comparison of publicly traded peer company valuation multiples and Riot’s adjusted market capitalization as of June 30, 2022, a period of extreme uncertainty in the broader Bitcoin ecosystem and near year-to-date lows for the Company and industry market valuations. As a result of this assessment, Riot recorded an impairment to goodwill of $349.1million related to the acquisitions of Whinstone US and ESS Metron in 2021.
“Our acquisitions of Whinstone US and ESS Metron remain the foundation of our vertically-integrated strategy and are the reason Riot is positioned as an industry leader today,” said Jason Les, CEO of Riot. “Although challenging global market conditions in the second quarter, further impacted by a steep decline in the price of Bitcoin and resulting decline in market valuations for publicly-traded Bitcoin miners, including Riot, necessitated non-cash impairment charges this quarter, these non-cash charges had no impact on our solid financial position and ample liquidity, both of which were further strengthened this quarter. We remain extremely excited by the additional growth and development opportunities, including our successfully demonstrated proprietary power strategy, which these acquisitions have made available to us.” intrado.

i'm away for a lie down after that :)

Adjusted EBITDA of $2.4 million for the same three-month period in 2021. A non-cash accounting impairment of goodwill of $349.1 million and a $99.8 million non-cash accounting impairment on Bitcoin held, negatively impacted net income for the quarter, which also impacted Non-GAAP Adjusted EBITDA. The Company determined, starting in Q4 2021, to exclude impairments and gains or losses on sales or exchanges of cryptocurrencies from its calculation of Non-GAAP Adjusted EBITDA.
Second Quarter 2022 and Recent Operational Highlights
As of June 30, 2022, the Company had a deployed fleet of 44,720 ASIC miners, with a hash rate capacity of 4.4 EH/s.
Subsequent to June 30, 2022, received an additional 9,316 new S19j Pros, and deployed 4,320 S19j Pros in Riot’s immersion-cooled buildings, with an additional 7,200 miners staged for deployment. Upon deployment of the staged miners, Riot expects to have a total of 47,511 miners deployed with a hash rate capacity of approximately 4.9 EH/s.
Continued to make significant progress on the Company’s 400 megawatt (“MW”) expansion at its Whinstone Facility. The expansion is expected to be completed in Q1 2023, the final components of the buildout of each building are being completed in parallel with miner deployments.
Completed Riot’s first immersion-cooled building at its Whinstone Facility, Building F, with 23,000 S19 series miners fully operational. Placement of miners in Building G, Riot’s second immersion-cooled building, continues with initial miners already deployed and hashing.
Began development of the Company’s previously announced 265-acre, 1 gigawatt expansion site in Navarro County, Texas, with Bitcoin mining operations at the new facility remaining on track to commence summer 2023.
Currently all miners previously hosted at Coinmint LLC’s Massena, NY facility have been either relocated to the Company’s Whinstone Facility by way of a miner swap agreement with another Bitcoin mining counterparty or shipped to the Whinstone Facility. This transition is expected to further improve Riot’s mining revenue margin through reduced power costs and elimination of all third-party hosting fees.
Hash Rate Growth
By Q1 2023, Riot anticipates a total self-mining hash rate capacity of approximately 12.5 EH/s, assuming full deployment of approximately 115,450 Antminer ASICs and excluding any potential expected incremental productivity gains from the Company’s utilization of 200 MW of immersion-cooling infrastructure. Substantially all of the Company’s self-mining fleet will consist of the latest generation S19 series miner model.
In addition to the Company’s self-mining operations, Riot hosts approximately 200 MW of institutional Bitcoin mining clients.
ATM Offering
As previously disclosed on March 31, 2022, the Company filed a prospectus supplement with the U.S. Securities and Exchange Commission to offer and sell up to $500 million of the Company’s common stock from time to time.

Second Quarter 2022 Financial Results
Mining revenue in excess of mining cost of revenues (excluding depreciation and amortization), was $28.2 million (61% of mining revenue), which compares to $22.1 million (70% of mining revenue) for the same three-month period in 2021. Mining revenue margin was modestly lower on a year-over-year basis primarily due to a 28% decrease in the average price of Bitcoin, and a 33% increase in the average Bitcoin mining difficulty index, during the second quarter of 2022 compared to the same three-month period in 2021. Despite the significant decrease in the price of BTC and increase in variable mining costs associated with greater BTC production this quarter relative to the same three-month period in 2021, improved operating efficiencies, driven in part by a greater proportion of new generation miners deployed at Riot’s Whinstone Facility, where lower production costs benefited our mining revenue margins.
Power curtailment credits received, based on our ability under long-term power agreements, to sell power back to the ERCOT grid at market-driven spot prices and thereby reducing our operating costs, totaled approximately $5.7 million for the quarter ended June 30, 2022. If total Power curtailment credits were not presented to reduce operating costs, but rather allocated between Cost of revenues – Mining and Cost of revenues – Data Center Hosting, based on proportional power consumption, Cost of revenues – Mining would have decreased by $2.2 million, increasing Mining revenue margin to $30.4 million (66% of mining revenue) on a non-GAAP basis.
Selling, general, and administrative ("SG&A") expenses increased by $7.2 million to $10.7 million, as compared to $3.5 million for the same three-month period in 2021, primarily due to an increase in compensation-related expense of $2.1 million, which came about as a result of the hiring of additional employees to support the Company’s ongoing growth, an increase in audit and consulting fees of $2.2 million resulting primarily from assistance on internal control systems and procedures and IT projects, an increase in insurance expense of $0.8 million, and other general operating costs.
Net loss for the quarter ended June 30, 2022, was $(366.3) million, or $(2.81) per share, as compared to net income of $19.3 million, or $0.22 per share, in the same three-month period in 2021. Net loss for the quarter was negatively impacted by a $349.1 million non-cash accounting impairment of goodwill, a $99.8 million non-cash accounting impairment on Bitcoin held, and an unrealized loss of $4.8 million on marketable equity securities, which was partially offset by an increase in fair value of derivative asset of $60.9 million, a gain on exchange of equipment of $8.6 million, and a $14.4 million gain on sale of Bitcoin.
Non-GAAP Adjusted EBITDA for the quarter ended June 30, 2022 was $(65.2) million, as compared to Non-GAAP

Riot Reports Second Quarter 2022 Financial Results, Current Operational and Financial Highlights
Riot Reports Q2 2022 Results, with $72.9 Million in Total Revenue, 1,395 BTC Produced, and Strengthened Financial Position
CASTLE ROCK, Colo., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot,” or “the Company”), an industry leader in Bitcoin (“BTC”) mining and data center hosting, reported financial results for the three-month period ended June 30, 2022. The unaudited financial statements are available on Riot’s website and here.??
“We are extremely encouraged by Riot’s financial resilience and operational achievements this quarter,” said Jason Les, CEO of Riot. “We continued to make substantial progress in executing towards our ambitious growth plans, including completion of our first immersion-cooled building and the successful transition of all miners which were previously hosted by Coinmint to our Whinstone Facility, which will further reduce our operating costs. Going forward, we will continue to focus on executional excellence as we work in pursuit of developing Riot into the world’s leading Bitcoin-driven infrastructure platform.”
Second Quarter 2022 Financial Highlights
Riot continues to attain significant milestones while positioning itself for future opportunities, driven by its focus on Bitcoin mining. Key financial highlights for the second quarter include:
Increased total revenue by 112% to $72.9 million for the three-month period ended June 30, 2022, as compared to $34.3 million for the same three-month period in 2021.
Increased mining revenue by 47% to $46.2 million for the three-month period ended June 30, 2022, as compared to $31.5 million for the same three-month period in 2021, driven by an increase in the number of BTC mined, which was negatively impacted by lower BTC values in Q2 2022 vs. Q2 2021.
Reported data center hosting revenue of $9.8 million for the three-month period ended June 30, 2022, following the acquisition of Whinstone US in Q2 2021.
Reported $16.9 million in revenue from Engineering segment for the three-month period ended June 30, 2022, following the acquisition of ESS Metron in Q4 2021.
Increased BTC production quantity by 107% to 1,395 BTC during the three-month period ended June 30, 2022, as compared to 675 BTC during the same three-month period in 2021.
Raised $267.0 million in net proceeds from the sale of approximately 30.6 million shares of Riot common stock via our previously announced at-the-market equity offering, further strengthening Riot’s industry-leading financial position amid challenging market conditions for the sector.
Reported $496.4 million in current assets as of June 30, 2022, with $270.5 million in cash on hand, up from $113.6 million at the end of Q1 2022, and 6,653 BTC (unaudited), all of which were produced by the Company’s self-mining operations.??

for btc?

Retail earnings week in yankee land, either way it should be interesting.

C - Cant go to wrong by considering all of below for near term outlook possibilities of btc by SBF.
Bitcoin has taken a beating since its highs in November, but billionaire FTX CEO Sam Bankman-Fried thinks the pain may soon come to an end.
“I think we’ve seen the worst already in crypto. I think the carnage is mostly over. There’s a little more to come, but it’s not very bad,” he told Fortune for an exclusive cover story.
The world’s most popular cryptocurrency is down 67% from its high of about $69,000 last November and has been trading below $25,000 since mid-June. Even after a temporary jump to a 30-day high of $24,572 gave investors hope of an extended rally last week, Bitcoin was teetering at the $23,000 mark on Tuesday.
Despite Bitcoin’s setbacks, Bankman-Fried, commonly known as SBF, said it’s still possible the cryptocurrency could hit $100,000—although he’d be content with a much lower price.
“If you told me at the end of the year, Bitcoin is gonna be at $35K, I’d ****ing take that,” Bankman-Fried told Fortune.
As leader of one of the biggest crypto exchanges, FTX, as well as the quantitative cryptocurrency trading firm Alameda Research, Bankman-Fried has a lot of influence in the crypto sector, but what really makes or breaks the cryptocurrency’s price are macroeconomic factors outside his control, like high inflation and a possible recession, he said.
Barring a severe deterioration of the overall economy, crypto is in for “a really healthy and robust and pretty quick recovery, frankly,” Bankman-Fried said.
A drop to $21,000 isn’t likely to cause further carnage in the crypto sector, he said. But if other macro factors like a stock market rout, sky-high interest rates, and a recession hit the market, those effects are likely to flow through crypto.
“If the Nasdaq has another 25% left to drop, and if interest rates are actually going up to 7%, and if we’re going to be in a recession for two and a half years—in that world, I think Bitcoin might go down to $15K or $10K. Then there may be a new round of carnage that comes from that,” Bankman-Fried told Fortune.?
To learn more about where SBF sees crypto prices going, as well as his insights on dealmaking and the future of the industry, be sure to check out the full Fortune conversation.

Kinda surprised the sp has not started a rise going into September, to sucker a few more in and then spike them on results day if thg miss on anything, maybe to early still.

"170p under valued so what is 65.5p".
65.5 is the price, of course the board is going to aggrandise its company, but that is not what matters, what matters is what the markets think about the company. The board does not influence the share price with its own lofty expectations . The market determines the price. That doesn't mean the market is always right with its pricing, equally it does not mean it is always wrong either. Results and sentiment are what matter along with all the other world influences, policies etc.

is this on the cards for thg, better hit those numbers, however there is still the outlook going forward, if its not positive then we could be in for some Revb treatment.

part 2 - The high voltage electrical supply lines are almost complete.

Increased operational miners at the Bunker to over 9,100 miners and growing. The Bunker is currently producing 850 PH/s.

Bitfarms’ BTC 2022 Monthly Production

Month
BTC
January
301
February
298
March
363
April
405
May
431
June
420
July
500
Financing Activities

In July, Bitfarms completed financing activities that further reduced overall debt and increased liquidity and financial flexibility. During the month, the Company utilized a portion of the proceeds received from the sale of BTC mined and in treasury to reduce the outstanding balance of its BTC-backed loan facility by $15 million. As of July 31, the loan balance of its BTC-backed facility was US$23 million.

TORONTO, Ontario and BROSSARD, Québec, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin self-mining company, provided a Bitcoin (BTC) production and mining operations update for July 2022.In July we completed The Bunker Phase 2, reached full production at Leger, and added new production in Washington state, increasing total capacity by 21% to 166 megawatts (MW),” said Ben Gagnon, Chief Mining Officer of Bitfarms. “We partially offset new miner installations at this location with miner redeployments resulting in growth in our hashrate to 3.8 exahash (EH/s), up 6% from 3.6 EH/s at the beginning of July. Unseasonably high temperatures in Québec and Washington state late in the month also slightly lowered miner productivity and affected our corporate hashrate. With cooler temperatures and the completion of remaining miner redeployments, as well as the installation of new miners, we expect our hashrate will exceed our 4 EH/s target in August.”“Production came in strong and averaged 16.1 BTC/day for the month, up 15% from 14 BTC/day in June. Momentum continued to build throughout the month, with our production run rate hitting 17 BTC/day by month end, up 16% from 14.6 BTC/day at the beginning of July and a record high since the last halving event,” added Gagnon.“We made significant progress on construction of the two 50 MW warehouses and associated infrastructure in Rio Cuarto, Argentina,” said Geoff Morphy, President and COO of Bitfarms. “The high voltage electrical supply lines are almost complete. The installation of racking, miners, servers, and data cabling in the first warehouse is expected to commence in late September, and production from the first 50 MW warehouse continues to be expected in the fourth quarter of 2022.”Mining Production3.8 EH/s online as of July 31, 2022, 270% from July 2021 and 6% from June 30, 2022.500 new BTC mined during July 2022, up 28% from July 2021, and up 19% from June 2022.16.1 BTC mined daily on average in July, equivalent to about US$384,279 per day and approximately US$12 million for the month based on a BTC price of US$23,900 on July 31, 2022.2,021 BTC in custody on July 31, 2022, representing a total value of approximately US$48 million based on a BTC price of US$23,900. BTC held in custody on July 31, 2022, reflects the sale of 1,623 BTC during July 2022Mining OperationsIncreased total capacity to 166 MW, up 21% from 137 MW on June 30, 2022.The Bunker Phase 2 added 18 MW.Leger reaching full production added 8 MW.Washington state new production contributed 3 MW.Construction continued on the two 50 MW warehouses in Rio Cuarto, Argentina. The framing and exterior of the first building is nearing completion as are the foundational supports for the transformers.

HH - was trying to be congenial to GY, but must admit liked your answer better. :)

HH - ta

LA - still in, but pretty much written off my holding, maybe its just me but i don't appreciate the half truths this company has been spouting for the past year.

GY - there maybe an initial tick up as with premium listing certain funds are required to take a stake are they not?
agreed premium listing not cheap but then the benefits should out way the cost, no?