Articlecoin.com - Amidst the huge waves hitting the Bitcoin mining industry, Bitfarms stands tall, facing the storm brought by the halving phenomenon. The company, which has long been involved in digital currency mining, released its latest monthly production data, reflecting the significant impact of the Bitcoin halving on their profits.
In May, Bitfarms produced 156 Bitcoins, a pretty sharp drop of 42% from the 269 Bitcoins produced in April. Even more astonishing, this is a drastic drop of 66% from the same period last year, when they managed to produce 459 Bitcoins. The sale of 136 Bitcoins in the same month generated total revenue of $8.9 million, much lower than April's revenue of $16.1 million.
However, it's not just the sales figures that are in the spotlight. The total number of Bitcoins held in Bitfarm's treasury increased to 850, with a value of $57.2 million, based on Bitcoin's price reaching $67,300 at the end of May. This indicates a smart asset management strategy amidst uncertain market fluctuations.
The impact of the halving was felt even deeper when Bitfarms stated that the average amount of Bitcoin earned per EH/s decreased by 45% compared to the previous month. May was the first full month in the 'post-halving economy', a new era that demands adaptation and innovation from industry players.
Ben Gagnon, Chief Mining Officer at Bitfarms, expressed optimism with the latest developments. “Our mining machine upgrade work is progressing rapidly,” he said. So far this year, Bitfarms has received 25,600 mining machines, installed 23,600 of them, and the remaining 16,200 machines are in the process of being installed. This move is expected to increase their computing power to 12 EH/s by June.
This condition reflects a new reality in the Bitcoin mining industry. The halving has forced companies like Bitfarms to navigate uncharted waters, looking for new strategies to survive and thrive. With increased capacity and efficiency, Bitfarms is showing that it is not only surviving, but also adapting quickly to existing challenges.
