Leading crypto Bitcoin had a very tough May. This situation continues to push the miners. Bitcoin miner Bitfarms has divested most of its Bitcoins in May. Despite this, the crypto company stated that its cash flow remains positive.
Bitfarms sold 90% of the Bitcoin it mined in May
Bitcoin (BTC) miner Bitfarms sold 414 BTC in May, according to a statement on June 1. Meanwhile, the crypto miner announced that it had mined a total of 459 BTC in May. This means that Bitfarms disposed of 90.19% of the BTCs it issued. According to the statement, the miner earned $11.3 million in revenue from sold assets. Thus, he reduced his debt by $1.8 million. It also left a balance of $17.4 million as of May 31.
Crypto miner’s BTC production performance
When Bitfarms BTC production is analyzed by monthly metrics, it is up 21% compared to the 379 BTC recorded in April. Looking at the criteria from the year to date, Bitcoin production has reached 2,135 BTC. Thus, it showed an increase of 18.74% compared to 1798 BTC recorded in the same period last year.
Speaking about the increased production, Ben Gagnon, the firm’s chief mining officer, stated that the increased production was “largely due to a temporary increase in BTC transaction fees.” cryptocoin.com As we reported, in May, the transaction fees of the Bitcoin network increased sharply due to the launch of the Ordinals Protocol. In addition, Bitfarms added 45 BTC to its treasury in May, bringing it to 510 BTC, worth a total of $13.8 million.
Meanwhile, the Bitcoin miner noted that power outage activity in Quebec had completely subsided in the previous month.
Bitfarms takes delivery of 2,900 mining machines
BTC mining company also announced that it has received 2,900 mining machines in Argentina. The miner noted that the machines are part of 6,200 machines ordered in April. He also said that the remaining 3300 machines will be delivered and installed in June.
Bitfarms CEO Geoff Morphy stated that the machine deliveries helped the company achieve its organic growth target of 6.0 EH/s from the end of the 4th quarter of 2023 to the end of the 3rd quarter of 2023. In addition, CEO Geoff Morphy pointed out the following:
We are focused on organic and other growth opportunities that will bring us value and cash flow ahead of the expected halving in April 2024.
Meanwhile, Bitfarms’ BITF shares rose 0.30% to $1.20 as of press time, following news of improved production and further growth plans, according to Google Finance data.
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