Bitfarms, a Bitcoin (BTC) mining company, recently announced that it sold 414 BTC in May, which accounted for 90.19% of its total mined BTC for that month. This information was revealed in a statement released on June 1. The sale of these assets generated $11.3 million in revenue for Bitfarms. The company was able to reduce its debt by $1.8 million, resulting in a remaining balance of $17.4 million as of May 31.
When examining Bitfarms’ BTC production on a month-on-month basis, there was a 21% increase from April, with 379 BTC mined. In terms of year-to-date production, Bitfarms has mined a total of 2,135 BTC, representing an 18.74% increase compared to the same period last year. Ben Gagnon, the chief mining officer of Bitfarms, attributed this increase to a temporary spike in BTC transaction fees.
The introduction of the Ordinals Protocol in May led to a significant surge in transaction fees on the Bitcoin network, as reported by CryptoSlate. During this period, Bitfarms added 45 BTC to its treasury, bringing the total to 510 BTC, valued at $13.8 million. The company also highlighted that its energy curtailment activities in Quebec were fully resolved in the previous month.
Bitfarms disclosed that it recently received 2,900 mining machines in Argentina. These machines were part of a larger order of 6,200 machines placed in April, with the remaining 3,300 machines scheduled for delivery and installation in June. Geoff Morphy, the CEO of Bitfarms, emphasized that these machine deliveries supported the company’s organic growth target of reaching 6.0 EH/s by the end of Q3 2023, up from the current level at the end of Q4 2023. Morphy also stated that the company is focused on pursuing organic and other growth opportunities that provide value and cash flow ahead of the Halving event anticipated in April 2024.
Following the positive news regarding increased production and expansion plans, Bitfarms’ stock (BITF) experienced a 0.30% increase, trading at $1.20 as of the time of writing, according to data from Google Finance.