Bitcoin miner Bitfarms mined 459 BTC in May

How does bitcoin mining work?
How does bitcoin mining work?

Mining company Bitfarms mined 459 BTC in May, increasing digital gold production by 21.1% compared to April.

Mining difficulty has increased by 44.9% since the beginning of the year (5.2% in May), while the price of bitcoin has gained approximately 63.5%, the firm noted. This gap led to an increase in the yield of cryptocurrency mining by 26.7% in terms of USD / TH.

Bitfarms Mining Director Ben Gagnon stressed that the companyโ€™s hash rate remained unchanged month-on-month at 5 EH/s. According to him, one of the factors behind the growth in BTC production was a โ€œtemporary jumpโ€ in transaction fees.

โ€œWith an average price of BTC in May of $27,500, we continued to receive positive cash flow, both from operations and after scheduled debt and interest payments,โ€ Gagnon said.

The company sold 414 BTC out of the cryptocurrency mined during the month. The remaining 45 BTC increased the company’s reserves to 510 bitcoins.

In May, 2,900 MicroBT ASIC miners arrived at the Rio Cuarto (Argentina) facility out of 6,200 units ordered by Bitfarms in April. The company is working to expand the capacity of the data center, the construction of which began in 2021. The remaining 3,300 units from Bitmain are on the way.

Bitfarms CEO Jeff Morphy said rolling out the entire batch will bring the company closer to its goal of reaching 6 EH/s by the end of the year.

Recall that in the first quarter, Bitfarms mined 1297 BTC with an average direct cost of mining one bitcoin of $12,500.

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