Core

2024

Bitcoin

April

Bitfarms’ crypto mining revenue fell 42% in May — the first full month since the Bitcoin halving took effect in mid-April.
The company reported a fall in Bitcoin production, from 263 Bitcoin (BTC) ($18.1 million) in April to 156 Bitcoin ($10.7 million) in May. In a June 3 statement, Bitfarm <a href="https://investor.bitfarms.com/news-events/press-releases/detail/245/bitfarms-provides-may-2024-productionand-operations-update" target="_blank" rel="noopener nofollow">described</a> it as the “first full month with post-halving economics.”&nbsp;
Similarly, the average amount of Bitcoin that Bitfarms earned per unit of computational power fell 45% from 44 exahashes per second (EH/s) to 24 EH/s.
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/5815a2d8-e68f-48e5-9534-2149772da4e2.png">
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 Key performance indicators for Bitfarms in May. Source: Bitfarms
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The <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter">Bitcoin halving event</a> on April 20 saw the <a href="https://cointelegraph.com/explained/the-mathematics-of-bitcoin-halvings-cracking-the-equations-and-formulas">Bitcoin mining subsidy</a> sliced from 6.25 BTC to 3.125 BTC, putting financial strain on miners.
Bitfarms also blamed “unusually cold temperatures” at its Rio Cuarto facility in Argentina for the fall in Bitcoin production. The weather — which Bitfarms claims was the location’s worst in 44 years — forced the firm to <a href="https://cointelegraph.com/news/bitcoin-hash-rate-drops-freezing-texas">curtail its mining operations</a> in Rio Cuarto for eight days.
Bitfarms noted that the damage in Argentina was partially offset by a 4.2% decrease in network difficulty compared to April.
Related: <a href="https://cointelegraph.com/news/bitcoin-halving-bull-run-130k-september-2025">Bitcoin post-halving run may reach $130K by September 2025</a>
During the month, Bitfarms secured an additional 100 megawatts at its Yguazu site in Paraguay through a power purchase agreement with Paraguay’s <a href="https://cointelegraph.com/news/paraguay-seizes-2738-crypto-mining-units-power-theft-crackdown">Administración Nacional de Electricidad,</a> a state-owned entity. 
The amendment will double the site’s capacity to 200 megawatts with the potential to add 6 exahashes per second (EH/s) upon installment in 2025.
The firm said its installed hash rate is currently 9.5 EH/s, which would be the fifth largest behind Marathon Digital, Core Scientific, CleanSpark and Riot Platforms, <a href="https://data.hashrateindex.com/stocks" target="_blank" rel="noopener nofollow">per</a> Hashrate Index data.
Bitfarms said it still has another 16,200 Bitcoin miners en route, which should lift its hash rate up to 12 EH/s once installed. The firm also runs mining operations in the U.S. and Canada.
It comes after the firm recently <a href="https://investor.bitfarms.com/news-events/press-releases/detail/243/bitfarms-responds-to-unsolicited-proposal-from-riot" target="_blank" rel="noopener nofollow">rejected</a> a <a href="https://cointelegraph.com/news/riot-platforms-bitfarms-acquisition-950m-offer">$950 million acquisition proposal</a> from Riot Platforms.
Despite the 42% fall in Bitcoin production, Bitfarms (BITF) increased 2.92% on the Nasdaq on June 3, <a href="https://www.google.com/finance/quote/BITF:TSE" target="_blank" rel="noopener nofollow">according</a> to Google Finance.
However, BITF is still down 15.9% in 2024 after a solid 2023 which saw the firm’s stock rise 588%.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/43b5504d-7783-4d77-bc6d-7865d03add16.png">
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 Source: Google Finance
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Magazine: <a href="https://cointelegraph.com/magazine/wolf-of-all-streets-world-bitcoin-hits-1m-1-million-hall-of-flame/">Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame</a>

Halving full effect: Bitfarms crypto mining revenue falls 42% in May

Cointelegraph

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