Bitfarms sold 90% of its Bitcoin mined in May

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

According to the statement, the miner generated $11.3 cardinal from the sold assets, reducing its indebtedness by $1.8 million, leaving a equilibrium of $17.4 cardinal arsenic of May 31.

BTC production

When Bitfarms BTC accumulation is viewed connected the month-on-month metrics, its accumulation roseate 21% from the 379 BTC recorded successful April.

On the year-to-date metric, its Bitcoin accumulation stands astatine 2,135 BTC, representing an 18.74% summation from the 1798 BTC recorded during the aforesaid play past year.

Speaking connected the accrued production, Ben Gagnon, the main mining serviceman of the firm, pointed retired that the accrued accumulation was “largely owed to a impermanent spike successful BTC transaction fees.”

In May, CryptoSlate reported that Bitcoin web recorded a crisp spike successful transaction fees acknowledgment to the instauration of the Ordinals Protocol.

Additionally, Bitfarms added 45 BTC to its treasury successful May— bringing its full to 510 BTC, worthy $13.8 million.

Source: Bitfarms

The miner noted that its vigor curtailment enactment successful Quebec afloat subsided during the erstwhile month.

Delivery of 2900 mining machines

The BTC mining institution further revealed that it took transportation of 2900 mining machines successful Argentina. The miner said the machines were portion of the 6200 machines ordered successful April, and the remaining 3300 machines would beryllium delivered and installed successful June.

Bitfarms CEO Geoff Morphy said the instrumentality deliveries aided the company’s integrated maturation people of 6.0 EH/s from the extremity of Q4 2023 to the extremity of Q3 2023. Morphy added:

“We are focused connected integrated and different maturation opportunities that bring worth and accretive currency travel to america up of the Halving expected successful April 2024.”

Following quality of its improved accumulation and plans for further growth, Bitfarms’ BITF banal is up 0.30% to $1.20 arsenic of property time, according to Google Finance data.

The station Bitfarms sold 90% of its Bitcoin mined successful May appeared archetypal connected CryptoSlate.