{"id":79654,"date":"2023-06-02T13:15:01","date_gmt":"2023-06-02T10:15:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79654"},"modified":"2025-09-11T12:15:43","modified_gmt":"2025-09-11T09:15:43","slug":"bitfarms-mined-459-btc-in-may","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitfarms-mined-459-btc-in-may\/","title":{"rendered":"Bitfarms mined 459 BTC in May"},"content":{"rendered":"<p>In May, the mining company Bitfarms mined 459 BTC, increasing digital gold production by 21.1% from April.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">? <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitfarms?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitfarms<\/a> Mines 459 <a href=\\\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$BTC<\/a> in May<\/p>\n<p>? 2,900 new miners arrived in Argentina ??<\/p>\n<p>? Press Release: <a href=\\\"https:\/\/t.co\/vhn2kEJG4s\\\">https:\/\/t.co\/vhn2kEJG4s<\/a><\/p>\n<p>? <a href=\\\"https:\/\/twitter.com\/search?q=%24BITF&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$BITF<\/a> <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> <a href=\\\"https:\/\/twitter.com\/hashtag\/BitcoinMining?src=hash&#038;ref_src=twsrc%5Etfw\\\">#BitcoinMining<\/a> <a href=\\\"https:\/\/twitter.com\/hashtag\/Blockchain?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Blockchain<\/a> <a href=\\\"https:\/\/t.co\/miTTGqFZNs\\\">pic.twitter.com\/miTTGqFZNs<\/a><\/p>\n<p>\u2014 Bitfarms (@Bitfarms_io) <a href=\\\"https:\/\/twitter.com\/Bitfarms_io\/status\/1664261684855201794?ref_src=twsrc%5Etfw\\\">June 1, 2023<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n\\n\\n\\n<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/what-are-hashrate-and-mining-difficulty-in-cryptocurrencies\">Mining difficulty<\/a> increased since the start of the year by 44.9% (5.2% \u2014 <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-difficulty-again-hits-a-new-all-time-high\">in May<\/a>), 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.\u00a0\u00a0\u00a0<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Bitfarms&#8217; Chief Mining Officer Ben Gagnon emphasized that the company&#8217;s hash rate month on month remained unchanged \u2014 5 EH\/s. According to him, one factor boosting BTC production was a <a href=\"https:\/\/forklog.com\/en\/news\/hype-around-brc-20-tokens-drives-surge-in-bitcoin-miners-revenues\">temporary spike<\/a> in transaction-fee volumes.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cFor 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,\u201d said Gagnon.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>From the mined cryptocurrency for the month, the company sold 414 BTC. The remaining 45 BTC increased its reserves to 510 BTC.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>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 <a href=\"https:\/\/forklog.com\/en\/news\/bitfarms-to-expand-bitcoin-mining-capacity-in-argentina-to-100-mw\">expansion works<\/a> at the data center, construction of which <a href=\"https:\/\/forklog.com\/en\/news\/bitfarms-begins-construction-of-argentina-data-centre-to-house-55000-miners\">began in 2021<\/a>. The remaining 3,300 Bitmain production units are on the way.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>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.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier, in the first quarter, Bitfarms <a href=\"https:\/\/forklog.com\/en\/news\/bitfarms-mined-1297-btc-in-q1-2023\">mined 1,297 BTC<\/a> at average direct costs of $12,500 per bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In May, Bitfarms mined 459 BTC, increasing digital gold production by 21.1% from April.<\/p>\n","protected":false},"author":1,"featured_media":79655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1184,1137],"class_list":["post-79654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitfarms","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=79654"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79654\/revisions"}],"predecessor-version":[{"id":79656,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/79654\/revisions\/79656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/79655"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=79654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=79654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=79654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}