As an experienced analyst, I believe that Bitfarms’ revenue decline in May is a natural response to the Bitcoin halving, which significantly reduced the rewards for mining new blocks. This trend was also evident in the 45% decrease in BTC per average EH/s seen after the halving.
In May, Bitfarms announced a significant decline of approximately 42% in Bitcoin earnings compared to the previous month, generating around 156 BTC. This decrease aligns with Bitfarms’ post-halving phase, during which Bitcoin earnings per average hash rate decreased by roughly 45%.
After the Bitcoin halving, the first complete month brought about difficulties, leading to a decrease in daily revenue generated from mining Bitcoin to approximately $340,000.
Response to Market Changes
In spite of taking a revenue blow, Bitfarms remains committed to enhancing its mining operations. According to Ben Gagnon, our Chief Mining Officer, we have brought in an impressive 25,600 new miners this year, with 23,600 of them already up and running.
By June, our hashing power is planned to reach 12 EH/s through expansion, demonstrating our unwavering dedication to growth in the face of market adversities.
Lately, Riot Platforms made an offer to acquire Bitfarms for close to a billion dollars, but Bitfarms declined. This event occurred as Bitfarms’ shares surged by 4% to reach $2.33, despite a 18% decrease in value throughout the year.
With a 9.25% ownership, Riot Platforms has become the leading investor in Bitfarms. This development is drawing attention in the mining sector, potentially signaling a major consolidation trend in the industry.
Additionally, the mining sector keeps a keen eye on these advancements, as they may shape finance and operational plans across the industry as a whole.
Read More
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- PYTH PREDICTION. PYTH cryptocurrency
- Paul Atkins to Replace Gary Gensler as Next SEC Chair?
- As Lindsay Lohan And Lacey Chabert Headline Christmas Movies, These Comments Have Me Convinced A Mean Girls Holiday Movie Reunion Needs To Be Next
- India signals no fixed timeline for crypto rules, calls for global alliance
- Ben Affleck And Matt Damon Are Back To Work Together, And An Insider Weighed In On Their Longtime Connection
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
- Taylor Swift Calls Eras Tour “Most Challenging Thing I’ve Ever Done” at Final Show
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- Niels Arestrup Dies at 75, Iconic Actor Was a Force of Cinema
2024-06-03 23:00