Canadian Bitcoin mining firm Bitfarms has disclosed its Q2 financial results, indicating it remains on course to achieve its target of 21 EH/s in 2024.

Bitfarms saw its shares surge over 20% on August 8, following the release of its Q2 financial results. The report revealed a narrower net loss and stronger revenue than analysts had predicted.

According to the report, the Toronto-headquartered firm generated $42 million in revenue during Q2. This marks a 17% increase year-over-year, though it represents a 16% decline from the previous quarter. The decline was attributed to the decrease in block rewards following the Bitcoin halving event in April.

The firm’s net loss amounted to $27 million, or $0.07 per basic and diluted share, which is better by 36.3% than what analysts had projected. As a result, Bitfarms’ shares climbed 22% to $2.30, pushing the firm’s market capitalization to $983.8 million.

During Q2, Bitfarms sold 515 BTC at an average price of $65,500. Concurrently, the Canadian crypto miner added 111 BTC to its treasury, bringing its total reserves to 1,016 BTC as of late July.

Bitfarms reiterated that its Special Committee “unanimously determined that continuing to execute Bitfarms’ strategic plan as an independent public company” is the best course of action. However, the board and management team remain open to reviewing opportunities that may deliver value to shareholders.

Earlier in April, Riot Platforms proposed acquiring Bitfarms for $950 million. However, Riot later withdrew its proposal, citing an inability to engage with Bitfarms’ current board on a potential merger.

Ben Gagnon, Bitfarms’ newly appointed CEO, highlighted the company’s progress, stating that the firm has made “significant strides” to position itself for “accelerated growth and efficiency gains in the second half of the year and into 2025.” He emphasized that Bitfarms is on track to achieve its 2024 guidance of 21 EH/s, bolstered by new site agreements.

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