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Bitfarms mined 90% of its bitcoin in May

According to a statement dated June 1, bitcoin (BTC) miner Bitfarms sold 414 BTC, representing 90.19% of the 459 BTC it mined in May.

According to the statement, the miner made $11.3 million from the assets sold, reducing his debt by $1.8 million, leaving a balance of $17.4 million as of May 31.

btc production

When Bitfarms BTC production is looked at on a month-to-month metric, its production increased by 21% from the 379 BTC recorded in April.

On a year-to-date metric, its bitcoin production stood at 2,135 BTC, representing an increase of 18.74% from the 1798 BTC recorded during the same period last year.

Speaking on the increase in production, Ben Gagnon, the firm’s chief mining officer, explained that the increased production was “largely due to a temporary increase in BTC transaction fees.”

in may, cryptoslate It is reported that the bitcoin network recorded a sharp increase in transaction fees thanks to the introduction of the Ordinals protocol.

Additionally, Bitfarms added 45 BTC to its coffers in May – taking its total to 510 BTC, worth $13.8 million.

Source: Bitfarm

The miner noted that its energy cut activity in Quebec had completely reduced during the past month.

Delivery of 2900 mining machines

The BTC mining company further revealed that it has taken delivery of 2900 mining machines in Argentina. The miner said the machines were part of 6,200 machines ordered in April, with the remaining 3,300 machines to be delivered and installed in June.

Bitfarms CEO Geoff Morphy said machine deliveries aided the company’s organic growth target of 6.0 EH/s from the end of Q4 2023 to the end of Q3 2023. Morphy said:

“We remain focused on organic and other growth opportunities that bring us value and accretive cash flow before we close, expected in April 2024.”

Bitfarms’ BITF stock is up 0.30% to $1.20 as of press time, following news of its improved production and plans for further growth, according to Google Finance data.

Posted in: Bitcoin, Mining Writer Oluwapelumi Adejumo Journalist at CryptoSlate

Oluvapelumi values ​​the potential of bitcoin. He provides insight on a range of topics such as DeFi, hacks, mining and culture, underlining its transformative power.

Editor Zaim Shoaib Zuberi Editor at Crypto Slate

Influenced by business, finance, DeFi and crypto editor Zaim holds a degree in business and finance. His 14-year career in financial journalism spans sectors such as banking, finance, insurance and technology.

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