Bitcoin (BTC) miner Bitfarms sold 414 BTC, representing 90.19%, of its mined 459 BTC in May, in keeping with a June 1 assertion.
According to the assertion, the miner generated $11.3 million from the sold belongings, decreasing its debt by $1.8 million, leaving a steadiness of $17.4 million as of May 31.
BTC manufacturing
When Bitfarms BTC manufacturing is considered on the month-on-month metrics, its manufacturing rose 21% from the 379 BTC recorded in April.
On the year-to-date metric, its Bitcoin manufacturing stands at 2,135 BTC, representing an 18.74% improve from the 1798 BTC recorded throughout the identical interval final yr.
Speaking on the elevated manufacturing, Ben Gagnon, the chief mining officer of the agency, identified that the elevated manufacturing was “largely due to a temporary spike in BTC transaction fees.”
In May, CryptoSlate reported that Bitcoin community recorded a pointy spike in transaction charges because of the introduction of the Ordinals Protocol.
Additionally, Bitfarms added 45 BTC to its treasury in May— bringing its whole to 510 BTC, value $13.8 million.
The miner famous that its vitality curtailment exercise in Quebec totally subsided throughout the earlier month.
Delivery of 2900 mining machines
The BTC mining firm additional revealed that it took supply of 2900 mining machines in Argentina. The miner mentioned the machines have been half of the 6200 machines ordered in April, and the remaining 3300 machines could be delivered and put in in June.
Bitfarms CEO Geoff Morphy mentioned the machine deliveries aided the corporate’s natural development goal of 6.0 EH/s from the tip of This autumn 2023 to the tip of Q3 2023. Morphy added:
“We are focused on organic and other growth opportunities that bring value and accretive cash flow to us ahead of the Halving expected in April 2024.”
Following information of its improved manufacturing and plans for additional development, Bitfarms’ BITF inventory is up 0.30% to $1.20 as of press time, in keeping with Google Finance information.
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