In its May 2024 update, Bitcoin mining company Bitfarms reported earning 156 BTC, a 42% decrease from April and a 66% drop from the same month last year. They sold 136 BTC, generating $8.9 million, down from $16.1 million in April. Bitfarms' total Bitcoin holdings rose to 850 BTC, valued at $57.2 million.
The company’s average mining capacity fell by 45% from the previous month, averaging 24.5 BTC per exahash per second. This decline is attributed to the Bitcoin halving event on April 20, 2024. Bitfarms earns about 5 BTC daily, or $340,000 at the current BTC price of $67,300.
Bitfarms declined a $950 million buyout offer from Riot Platforms, which already owns a 9.25% stake. The proposed merger would have created a combined mining capacity of 52 EH/s across 15 locations by the end of 2024.
Bitfarms recently dismissed CEO Geoffrey Morphy, who is suing the company for $27 million, alleging contract breaches and wrongful termination. Despite this, Bitfarms shares rose 4% to $2.33, though they have dropped 18% since the beginning of 2024. Founded in 2017, Bitfarms operates 12 mining facilities, with another under development, in Argentina, Canada, Paraguay, and the U.S.
Read the full article here:
https://coinminutes.com/news/bitfarms-revenue-drops-sharply-in-first-full-month-after-bitcoin-halving/
