- As of June 1, the company holds 510 BTC
- The firm also reported the commissioning of 2,900 ASICs
Bitcoin miner Bitfarms released its financial report for May yesterday, June 1. Last month, the company mined 459 BTC, of which 414 BTC were sold. That’s 90.19% of all bitcoins received.</nbsp;
According to the report, compared to April, the company increased its BTC mining by 21% in May, from 379 to 459 “coins.”. Since the beginning of the year, the miner has received 2,135 BTC, an 18.7% increase over the same period in 2022.</nbsp;
Also, compared to last year, the company’s hash rate rose 47% to 5.0 EH/s.. The firm expects to reach its target capacity of 6.0 EH/s by the end of the third quarter of this year.
In April, Bitfarms ordered 6200 ASICs. Only part of the shipment arrived in May – 2,900 units. They have already been commissioned. The firm expects to get the rest soon.
It is noteworthy that despite selling 90% of the BTC mined, Bitfarms CEO claims positive financial flow:
“With an average bitcoin price of $27,500, we continued to generate positive cash flow both in the operating phase and after paying interest and part of the loan principal.”
Bitfarms currently holds 510 BTC worth $13.8 million. The increase in revenues can be explained by the fact that in May there was a jump in commissions in the Bitcoin network. We detailed that in a separate story.
The company said it remains focused on organic growth ahead of next April’s halving.