Bitfarms Revenue
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Armenia (CoinChapter.com) - Bitfarms saw a 42% drop in cryptocurrency mining revenue in May, the first full month after the Bitcoin halving in mid-April. The halving reduced the Bitcoin mining stipend from 6.25 BTC to 3.125 BTC.
In April, BitMine produced 263 bitcoins worth $18.1 million. In May, production fell to 156 bitcoins worth $10.7 million. The company called May the "first full month after the halving" in a statement on June 3. The average bitcoins obtained per unit of computing power also fell by 45%, from 44 exahashes per second (EH/s) to 24 EH/s.


Key performance indicators of BitMine in May. Source: BitMine
Abnormal weather affects production
BitMine also cited “unusually cold temperatures” at its Rio Cuarto facility in Argentina as another reason for the drop in production. The company reported what it said were the coldest weather in 44 years, which shut down mining operations for eight days.
A cold snap in Rio Quarto caused operational disruptions, exacerbating the impact of the halving. BitMine noted that a 4.2% reduction in network difficulty offset some of the production decline.
Yguazu expansion increases Bitcoin mining capacity
BitMine is expanding its operations. The company has secured an additional 100 MW at its Yguazu site through a power purchase agreement with Paraguay’s National Electricity Administration. This agreement will increase the site’s capacity to 200 MW, an increase of 6 exahashes per second (EH/s) expected by 2025.


source:
EchoeWeb
BitMine currently has an installed hash rate of 9.5 EH/s, making it the fifth-largest hashrate in the world, behind Marathon Digital, Core Scientific, CleanSpark and Riot Platforms, according to data from Hashrate Index.
The company has another 16,200 bitcoin mining machines on the way, which once installed are expected to bring its hash rate to 12 EH/s. It operates mining facilities in the United States and Canada.
Bitcoin mining shares rise despite falling Bitcoin production
According to Google Finance data, despite a 42% drop in Bitcoin production, BitTorrent (BITF) stock rose 2.92% on the Nasdaq. BITF stock still fell 15.9% in 2024, while it performed strongly in 2023, with the company's stock rising 588%.


Bitfarms Ltd stock performance over the past year. Source:
Google Finance
The company recently rejected a $950 million acquisition proposal from Riot Platforms to focus on independent growth and expansion.