Despite selling the majority of its mined Bitcoin in May, Bitfarms maintained that it is still cash flow positive.
According to a June 1 statement, Bitcoin (BTC) miner Bitfarms sold 414 BTC, representing 90.19% of its mined 459 BTC in May.
According to the statement, the miner earned $11.3 million from the sale of assets, reducing its debt by $1.8 million to $17.4 million as of May 31.
Bitfarms manufacturing
When Bitfarms’ BTC production is compared month to month, it has increased by 21% from the 379 BTC recorded in April.
On a year-to-date basis, it has produced 2,135 BTC, representing an 18.74% increase over the 1798 BTC produced during the same period last year.
Speaking on the increased production, Ben Gagnon, the chief mining officer of the firm, pointed out that the increased production was “largely due to a temporary spike in BTC transaction fees.”
According to it, the introduction of the Ordinals Protocol resulted in a significant increase in transaction fees on the Bitcoin network in May. Bitfarms also added 45 BTC to its treasury in May, bringing its total to 510 BTC, valued at $13.8 million.
The miner stated that its energy curtailment activity in Quebec had completely stopped the previous month.
2900 mining machines been delivered
The Bitcoin mining company also revealed that it received 2900 mining machines in Argentina. The machines were part of the 6200 machines ordered in April, according to the miner, and the remaining 3300 machines would be delivered and installed in June.
The machine deliveries, according to Bitfarms CEO Geoff Morphy, aided the company’s organic growth target of 6.0 EH/s from the end of Q4 2023 to the end of Q3 2023. Morphy went on to say:
“We are focused on organic and other growth opportunities that bring value and accretive cash flow to us ahead of the Halving expected in April 2024.”
According to Google Finance, Bitfarms’ BITF stock is up 0.30% to $1.20 as of press time, following news of improved production and plans for future growth.
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