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.
“We are very proud of the tremendous progress made in the first half of Fiscal 2018,” commented CEO Wes Fulford. “Through disciplined execution and responsible financial management, our team has successfully completed several key initiatives that align with our strategic objectives of securing low-cost, clean energy, growing mining infrastructure and operations, vertically integrating to minimize dependence on costly third-party service providers and exploring exciting new business verticals within blockchain technology. Contrary to industry trends, we achieved strong revenues and robust margins throughout the period. Our impressive cost structure, enabled by long-term, affordable electricity and real-estate leasing costs, allows us to maintain profitability during periods of volatile cryptocurrency pricing. We are committed to executing our vision as we strengthen Bitfarms’ position as a leading player within the global blockchain industry.”
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