According to information on June 1, Bitcoin (BTC) miner Bitfarms has sold 414 BTC, or 90.19% of the 459 BTC it mined in May. statement.
The miners generated $11.3 million from the assets they sold, reducing debt by $1.8 million to $17.4 million as of May 31, according to a statement.
BTC production
A month-on-month indicator of BTC production at Bitfarms shows a 21% increase from April’s record of 379 BTC.
Year-to-date indicators show the company’s bitcoin production at 2,135 BTC, up 18.74% from 1,798 BTC in the same period last year.
The company’s chief mining officer, Ben Gagnon, said the increase in production was “mainly due to a temporary spike in BTC transaction fees.”
in May, crypto slate The Bitcoin network has recorded a sharp rise in transaction fees due to the introduction of the Ordinals Protocol.
Additionally, Bitfarms added 45 BTC to the Treasury in May, bringing the total to 510 BTC, worth $13.8 million.
The miner said energy-cutting activity in Quebec had completely subsided over the last month.
Delivered 2900 mining machines
The BTC mining company also revealed that it has delivered 2,900 mining machines in Argentina. The miners said the machines were part of 6,200 ordered in April, with the remaining 3,300 to be delivered and installed in June.
Bitfarms CEO Geoff Morphy said the machine’s delivery has achieved the company’s organic growth target of 6.0 EH/s from the end of Q4 2023 to the end of Q3 2023. Morphy added:
“We are focusing on organic and other growth opportunities that will deliver increased value and cash flow ahead of the expected April 2024 halving.”
Bitfarms’ BITF shares are up 0.30% to $1.20 at the time of writing, according to Google Finance, following news of production improvements and plans for further growth. data.
The article that Bitfarms sold 90% of the Bitcoin mined in May first appeared on CryptoSlate.
