Bitfarms Mined 431 BTC in May, Now Holds $192 Million In Bitcoin

• Bitfarms launched a mining and manufacturing replace for Could 2022.
• The corporate mined a complete of 431 BTC valued at $16.6 million and deposited 429 BTC into custody (99%).
• The miner now holds 6,075 BTC, at present valued at over $192.5 million.

Bitfarms (NASDAQ: BITF, TSX: BITF), a publicly-traded bitcoin mining firm, launched its manufacturing and mining replace for Could 2022 displaying 431 BTC mined price about $16.6 million at time of writing, by way of a press launch.

“Throughout Could, day by day common manufacturing elevated to 13.9 bitcoin/day, up 3% from 13.5 BTC/day in April,” stated Emiliano Grodzki, CEO of Bitfarms. “We accomplished the construct out of Leger facility with 7,400 miners producing roughly 740 PH/s [petahashes per second]. Leger is now our single largest web site with a manufacturing stage practically equal to Bitfarms whole hashrate on the finish of Q2, 2020.”

Bitfarms at present performs 3.4 exahashes per second (EH/s) as of Could 31, 2022 – which helped drive a 6% enhance from the earlier month in whole bitcoin mined. Of the 431 BTC mined final month, 429 (99.5%) have been positioned into custody. After this sediment, Bitfarms at present holds 6,075 BTC in custody which is at present price over $192.5 million.

“The second section of development at The Bunker is continuous and is predicted to extend the location’s capability to 30 MW when accomplished,” Grodzki defined. “With miner deliveries on schedule, we anticipate to have one other stable month of progress as we construct out our operational hashrate to our subsequent objective of 4 exahash per second (EH/s) by the tip of Q2.”

The mining firm additionally famous it had completely diminished its De La Pointe mining web site all the way down to 18 megawatts (MW) as a part of its relocation of assets to the Ledger web site within the Metropolis of Sherbrooke, Quebec.

At present the operations of Bitfarms are globally dispersed with seven industrial areas in Quebec, one in Paraguay, and one in Washington State. Of those mining websites, 99% are sustainably mined with hydro energy and maintain long-term energy contracts.