BTBT.US released its unaudited financial results for the second quarter ended June 30, 2021. The company's Q2 bitcoin mining revenue was $28.3 million and earned 562.9 bitcoins, while Q2 posted a net loss of $1.3 million, or $0.030 per share, compared with a net loss of $300000, or $0.010 per share, in the same period last year, according to the results.
As of June 30, 2021, 70.8% of the miners had been deployed, shipped to North America or waiting for installation in North America; as of June 30, 2021, the company had 32500 miners and purchased 3515 miners in the second quarter, with a total maximum hash rate of 1.92 EH/S, down from 40965 miners and 2.26 EH/S as of March 31, 2021. The company said the reduction in hash rate was due to the sale and disposal of some mining machines and had planned to purchase newer and more efficient mining machines.
The company shipped 14500 mining machines to North America in the second quarter and is expected to complete the migration of the remaining or most of its mining machines in China in the third quarter of 2021.
The following table shows the geographical location of the mining machine as of June 30, 2021:
The company's bitcoin mining business was established in February 2020 and has received a total of 3086.53 bitcoins as of June 30, 2021.
As of June 30, 2021, the company's bitcoin holdings had grown to 588.4, with a market capitalization of about $20.6 million.
The company's total operating expenses were $17.57 million in the second quarter, compared with $930000 in the same period last year, and depreciation and amortization expenses were $2.35 million in the second quarter, compared with $70, 000 in the same period last year.