Mining digital gold pays off big – Even despite this bear market on cryptomonanies since the beginning of 2022, some players linked to Bitcoin (BTC) are doing well, very well. This is the case of the Canadian bitcoin miner Bitfarms. The latter had already achieved the tour de force get listed on the NASDAQ stock exchange in May 2021 (BITF action). Now he is announcing a record production of BTC.
Bitfarms produced $13 million worth of Bitcoin in May
Despite the sluggishness of the courses, the bitcoin miners seem to be doing well all over the world. Including even in China, where crypto-mining is supposed to be banned by the authorities.
Cryptocurrency miners are thus rather to be wanted continue to develop, rather than worrying enough to unplug their machines. This is the case of Canadian society Bitfarmswhich recently issued a press release very encouraging.
First piece of information: production bitcoins from Bitfarms has significantly increase during this month of May. It is up 6% with 431 BTC products over the month, i.e. around 13 million dollars at the current price. This represents a mining rate of 13.9 BTC per day on average. It is also a new record of production in 2022.
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A war chest of 6,075 BTC for the Canadian crypto-miner
During this month of May, the computing power (hashrate) provided to the BTC network by Bitfarms reached an average of 3.4 PE/s (exahashes per second). A nice performance considering Bitcoin’s total global hashrate, which is hovering above the 200 PE/s.
“Bitfarms mining operations remain profitable. Even with bitcoin’s price decline in May, we achieved strong gross margins. (…) Thanks to our business model, stable and low-cost hydroelectric power, and highly efficient mining machines, Bitfarms enjoys one of the lowest and most competitive costs to produce Bitcoin. (…)”
Ben Gagnon, head of crypto-mining operations at Bitfarms
And these bitcoins do not burn the fingers of Bitfarms, on the contrary. The Canadian company would rather be in mode HODL (hoarding) of his precious BTC. Judge for yourself: Bitfarms retains no less than 6,075 BTC in his coffers. This corresponds to almost $183 million at the time of this writing.
And Bitfarms is far from the only crypto mining company to be confident in the future of bitcoin. Indeed, at the beginning of last month, the American BTC miner CleanSpark did not hesitate to outright pledge its mining machines to obtain a loan. And this, in order to further develop its bitcoin production facilities.
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