In May, Bitfarms reported a notable 42% reduction in Bitcoin earnings compared to April, pulling in 156 BTC. This drop mirrors the company’s post-halving adjustment period, which also saw a 45% decrease in BTC per average EH/s.
The first full month after the Bitcoin halving proved challenging, resulting in a decline in daily earnings to about $340,000 from the cryptocurrency mined.
Response to Market Changes
Despite the revenue hit, Bitfarms continues to strategically bolster its operations. Ben Gagnon, the Chief Mining Officer, reported the addition of 25,600 miners this year, with 23,600 already operational.
This expansion is set to increase their hashing power to 12 EH/s by June, showing the company’s commitment to growth despite market challenges.
Additionally, Bitfarms recently turned down an acquisition offer from Riot Platforms, valued at nearly $1 billion. This decision comes as Bitfarms’ shares experienced a 4% uplift to $2.33, despite an 18% drop year-to-date.
Riot Platforms, now holding a 9.25% stake, emerges as the largest shareholder of Bitfarms. The mining sector eyes this move closely, as it could mark a significant consolidation within the industry.
Moreover, the industry watches closely as these developments could set the tone for financial and operational strategy in the broader mining sector.
Also Read: Bitfarms Rejects Takeover Proposal from Riot Platforms
