Bitfarms Accelerates Growth Target, Mines 459 BTC in May 2023

Bitfarms, a global Bitcoin mining company, has announced a significant increase in its Bitcoin production for May 2023. The company mined 459 BTC, a 6.5% increase year-over-year. This surge is attributed to a temporary spike in BTC transaction fees.

The company’s CEO, Geoff Morphy, revealed that Bitfarms is accelerating its organic growth target. The company aims to reach 6.0 EH/s by the end of Q3 2023, ahead of the expected Bitcoin Halving in April 2024. This growth will be facilitated by reaching full production at their facilities in Rio Cuarto, Argentina, and Baie-Comeau, Quebec.

In May, Bitfarms received 2,900 of the 6,200 miners ordered in April. The remaining 3,300 miners are en route. Despite a 65% increase in network difficulty, the company’s corporate hashrate remained steady at 5.0 EH/s.

Bitfarms sold 414 of the 459 BTC mined, adding 45 BTC to its treasury. This brought the total held at month-end to 510 BTC. With the average BTC price of $27,500 in May, the company continued to be cash flow positive.

Bitfarms plans to attend the Cantor Fitzgerald Technology Conference in New York on June 14-15. The company operates 10 mining farms in four countries and is committed to using sustainable energy infrastructure.

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