Bitcoin Mining Company Bitfarms Reports Decrease in Monthly Production

According to Odaily, Bitfarms, a Bitcoin mining company, has released its latest monthly production data, highlighting the impact of Bitcoin halving on the company's profits and raising concerns about industry consolidation. Bitfarms reported that it produced 156 Bitcoins in May, a 42% decrease from April's 269 Bitcoins, and a 66% decrease from the same period last year when it produced 459 Bitcoins. In May, Bitfarms sold 136 Bitcoins, generating a total revenue of $8.9 million, which is part of the company's regular fund management process. This is lower than the $16.1 million revenue in April. The total number of Bitcoins held in Bitfarm's treasury increased to 850, valued at $57.2 million based on the Bitcoin price of $67,300 as of May 31. Bitfarms stated that the average number of Bitcoins obtained per EH/s decreased by 45% compared to April, as May was the first full month of 'post-halving economics'. Based on the Bitcoin price of $67,300 as of May 31, the average daily output of 5 Bitcoins is approximately equivalent to $340,000 per day. Ben Gagnon, Chief Mining Officer at Bitfarms, said: 'Our mining machine upgrade work is progressing rapidly. So far this year, we have received 25,600 mining machines, installed 23,600 mining machines, and the remaining 16,200 mining machines are being installed. These mining machines provide enough computing power to achieve 12 EH/s of computing power in June.'