Bitcoin company BTCS loses $4.6 million in first half of the year

Due to high operating expenses, BTCS's losses in the first half of this year were even more serious than the same period last year.

BTCS Ltd. (formerly known as Bitcoin Shop) in Nevada, USA, is a company engaged in blockchain and digital currency system business. The company has just released its financial results for the first half and second quarter of this year. The data shows that the company is at risk of not being able to continue operating.

The company suffered a net loss in both the second quarter and the first half of the year, mainly due to high levels of administrative expenses and daily costs.

Specific data:

The net loss in the second quarter was $1.25 million, which was an improvement compared to the loss of $2.57 million in the same period last year. The net loss in the first half of the year was $4.6 million, which was a further deterioration compared to the loss of $4.02 million in the same period last year.

The revenue in the second quarter was $144,375, much higher than the $4,912 in the same period last year, indicating that the business has grown. The revenue in the first half of the year was $182,043, an increase compared to $130,180 in the same period last year.

In the second quarter, operating expenses were $2.05 million and $3.91 million in the first half of the year.

As of June 30, 2015, BTCS held $300,000 in cash and had a working capital gap of nearly $3.3 million. In the foreseeable future, BTCS will continue to experience losses in terms of performance as it executes its business plan. The company's current cash flow is insufficient to support its continued operations and future capital expenditures.

Due to continued operating losses, operating cash flow gap and accumulated losses, the company's ability to continue operating is seriously questioned.