Bitcoin costs $ 1,567 to mine, says crypto mining company

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Bitfarms Technologies, a company based in Montreal and Israel, recently revealed that it costs only $ 1,567 to mine a bitcoin, which is currently worth just a bit over 6000$.

The company, previously known as Blockchain Mining, is listed on the Tel Aviv Stock Exchange under the BLLCF ticker, and unveiled the data in a report detailing its performance in the first six months of this year. The document reveals that in the period it mined 1,923 BTC, 2,223 BCH, 3,324 LTC, 567 ETH, and 220 Dash.

According to the report, the company achieved net revenue of $ 4.9 million. This is a gross profit of US $ 12.3 million and EBITDA (earnings before interest, taxes, depreciation and amortization) of US $ 13.9 million.

The company's results are remarkable, given the fall in crypto-markets since the end of last year. Bitcoin, the most iconic cryptocurrency, has seen its price fall by $ 20,000, with its computing power up 600% in the last 12 months.

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According to Bitcoin.com, Bitfarms' results also come from the acquisition of a company with 40 computer centered electricians and the installation of 6,500 ASIC mines at facilities in Quebec, which produced a hashrate of about 91 PH /s.

It should be noted that the company's stock jumped nearly 50% shortly before its first half results were known, to a maximum of $ 575. After being revealed, its price fell to $ 500 at closing of the market, according to Yahoo Finance.

For the future, the company plans to build "mega-facilities" on properties it bought in Sherbrooke in Quebec. They will enjoy electricity at low cost thanks to an agreement negotiated with a local company.