Bitfarms sold 90% of its mined Bitcoin in May

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Bitcoin (BTC) miner Bitfarms sold 414 BTC, or 90.19%, of its 459 BTC mined in May, according to a June 1 statement.

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

BTC production

When Bitfarms BTC production is seen on monthly metrics, its production increased by 21% from the 379 BTC recorded in April.

Year-to-date, its Bitcoin production stands at 2,135 BTC, which is an increase of 18.74% from the 1,798 BTC recorded during the same period last year.

Speaking on the increase in production, Ben Gagnon, the mining director of the company, pointed out that the increase in production was largely due to a temporary increase in BTC transaction fees.

In May, CryptoSlate reported that the Bitcoin network saw a sharp increase in transaction fees thanks to the introduction of the Ordinals protocol.

Additionally, Bitfarms added 45 BTC to its treasury in May, bringing its total to 510 BTC, worth $13.8 million.

Source: Bitfarms

The miner noted that its energy reduction activity in Quebec had completely decreased over the previous month.

Delivery of 2900 mining machines

Mining company BTC further disclosed that it has taken delivery of 2,900 mining machines in Argentina. The miner said the machines were among 6,200 machines ordered in April and the remaining 3,300 machines would be delivered and installed in June.

Bitfarms CEO Geoff Morphy said machine shipments contributed to the company’s organic growth target of 6.0 PE/s from the end of Q4 2023 to the end of Q3 2023. Morphy added:

We are focused on organic and other growth opportunities that bring us value and accretive cash flow before the expected halving in April 2024.

Following news of its improved production and further growth plans, Bitfarms BITF stock is up 0.30% at $1.20 at press time, according to Google Financedata.

Posted in: Bitcoin, Mining

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