Bitfarms mined 459 BTC in May

In May, the mining company Bitfarms mined 459 BTC, increasing digital gold production by 21.1% from April.

? #Bitfarms Mines 459 $BTC in May

? 2,900 new miners arrived in Argentina ??

? Press Release: https://t.co/vhn2kEJG4s

? $BITF #Bitcoin #BitcoinMining #Blockchain pic.twitter.com/miTTGqFZNs

— Bitfarms (@Bitfarms_io) June 1, 2023

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Mining difficulty increased since the start of the year by 44.9% (5.2% — in May), while the price of bitcoin rose by about 63.5%, according to the firm. This gap led to a 26.7% increase in mining profitability measured in USD/TH.   

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Bitfarms’ Chief Mining Officer Ben Gagnon emphasized that the company’s hash rate month on month remained unchanged — 5 EH/s. According to him, one factor boosting BTC production was a temporary spike in transaction-fee volumes.

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“For a BTC price averaging $27,500 in May, we continued to generate positive cash flow from operations as well as after planned debt and interest payments,” said Gagnon.

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From the mined cryptocurrency for the month, the company sold 414 BTC. The remaining 45 BTC increased its reserves to 510 BTC.

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In May at the Rio Cuarto facility (Argentina) 2,900 MicroBT ASIC miners arrived from the 6,200 devices Bitfarms ordered in April. The company is conducting expansion works at the data center, construction of which began in 2021. The remaining 3,300 Bitmain production units are on the way.

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Bitfarms CEO Jeff Morfi said that deploying the entire batch would bring the company closer to its goal of reaching 6 EH/s by year-end.

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Earlier, in the first quarter, Bitfarms mined 1,297 BTC at average direct costs of $12,500 per bitcoin.