Bitcoin miner Bitfarms reports 142 million secondquarter net loss

Bitcoin miner Bitfarms posted a net loss of $142 million in the second quarter, down from a net income of $5 million last quarter. The company also increased its hash rate by 33% during the quarter to 3.6 exahash per second (EH/s), after starting production at one location and completing the second phase of development at another — both in Canada. Despite the significant drop in bitcoin value during the quarter, Bitfarms reported a 5% increase in revenue to $42 million. President and COO Geoff Morphy said that the “strong” second quarter production (with 1,257 BTC mined) “completely offset weaker bitcoin prices.”.