Bitfarms earns fewer bitcoins in May impacted by the April Halving event (NASDAQ:BITF)
peterschreiber.media/iStock via Getty Images
- Bitfarms (NASDAQ:BITF) said on Monday that the bitcoin mining company earned ~42% fewer bitcoins in May on a monthly basis and ~66% on a yearly basis on the back of the April Halving event.
- The company earned 156 bitcoins in May, compared to 269 in April and 459 in May 2023, with the reduction reflecting the first full month of reduced block rewards, the result of the April Halving event.
- The production was also impacted by curtailment in Argentina and downtime, associated with upgrading miners.
- The month-end operating EH/s stood at 7.5, compared to 7.0 in the previous month and 5.0 in the year-ago period.
- The company sold 136 bitcoins in May for proceeds of $8.9M, compared to 245 in April and 414 in May 2023.
- YTD, total bitcoins earned came in at 1,368, compared to 2,135 in the previous year period.
- Source: Press Release
Read More:Bitfarms earns fewer bitcoins in May impacted by the April Halving event (NASDAQ:BITF)