Bitfarms Releases Its May Mining Report
Bitfarms highlights for May 2022:
- 431 Bitcoin mined, up 6% compared to May 2021
- Average of 13.9 Bitcoin mined per day
- Production up 3% when compared to April mining results
- 6,075 total BTC in custody as of May 31st, 2022, valued at $188 million based on a BTC price of $31,000
Production Updates
Bitfarms Ltd, one of the largest Bitcoin mining operations in North America, has released its monthly mining report for May. Overall, the company has seen a steady rise in the number of mined Bitcoin in the last three months.
Considering the recent drop in Bitcoin's price, the company commends itself on its continued rise in gross margins.
Bitfarms Chief Mining Officer, Ben Gagnon, expressed his thoughts saying:
With our business model, stable low-cost hydro power and highly efficient Bitcoin miners and facilities, Bitfarms enjoys one of the lowest and most competitive costs to produce a Bitcoin globally. Our low cost of operations is one of our key strengths.
Operations Updates
The company recently finished building its Ledger facility in Canada which holds 7,400 miners producing a hashrate of 740 PH/s. Ledger is its largest site with a current hashrate equivalent to the company’s overall rate at the end of Q2 of 2020.
Their next project closing in on completion is The Bunker, which is expected to increase capacity to 30 MW. Bitfarms CEO, Emiliano Grodzki, discussed the project saying, “With miner deliveries on schedule, we expect to have another solid month of growth as we build out our operational hashrate to our next goal of 4 exahash per second (EH/s) by the end of Q2.”
Upcoming Analyst and Institutional Investor Day
Bitfarms will be hosting an Analyst and Institutional Investor Day on June 22nd, 2022. People wishing to attend the event may do so online or in person. However, those attending in person are required to register in advance by contacting bitfarms@lhai.com.
For online registration, interested participants can use the link here.