Second quarter earnings per share were 75 cents below expectations for Bitfarms Ltd (BITF)
Earnings report from Bitfarms Ltd. (NASDAQ: BITF) for the second quarter came in at ($0.70), down $0.75 from analysts’ average projection of $0.05 for the period. Additionally, revenue for the quarter was $42 million, which was below expectations of $48.3 million.
Bitfarms Ltd. operates bitcoin mining operations in North America. It owns and operates data centers whose primary function is to verify Bitcoin Blockchain transactions in exchange for the monetary reward of a block reward and transaction fees.
In addition to serving commercial and residential customers, the firm also offers electrician services in Quebec, Canada. It also hosts mining gear belonging to other parties. The company’s headquarters is in Toronto, Canada, and was established in 2017.
Bitfarms offers a wide range of hosting solutions to customers. These include web hosting, email hosting, Windows hosting, etc. In addition, the company has diversified into other business areas and expanded its business scope.
In May 2018, Bitfarms announced that it had signed an agreement with a Quebec-based hydroelectric power producer to set up a new bitcoin mining facility. The new facility will allow Bitfarms to increase its overall bitcoin mining capacity.