Bitfarms' cryptocurrency mining revenue fell 42% in May — the first full month since the bitcoin halving took effect in mid-April.
The company reported a decline in Bitcoin production, from 263 BTC ($18.1 million) in April to 156 BTC ($10.7 million) in May. In a statement dated June 3, Bitpharm described it as “the first full month with post-halving economics.”
Likewise, the average amount of Bitcoin earned by Bitfarms per unit of computational power decreased by 45% from 44 exahashes per second (EH/s) to 24 exahashes per second.
The Bitcoin halving event on April 20 saw Bitcoin mining support reduced from 6.25 BTC to 3.125 BTC, putting financial pressure on miners.
Bitfarms also blamed “unusually cold temperatures” at its facility in Rio Cuarto in Argentina for the decline in Bitcoin production. The weather – which Bitfarms claims is the worst at the site in 44 years – has forced the company to curtail mining operations on the Rio Cuarto for eight days.
Bitfarms noted that the damage in Argentina was partially offset by a 4.2% decrease in network difficulty compared to April.
Related: Bitcoin's post-halving run could reach $130,000 by September 2025
During the month, Bitfarms secured an additional 100 megawatts at its Yguazu site in Paraguay through a power purchase agreement with Paraguay's National Electricity Administration, a state-owned entity.
The modification will double the site's capacity to 200 MW with the potential to add 6 exahashes per second (EH/s) upon installment in 2025.
The company said its installed hashrate currently stands at 9.5 EH/s, which would be the fifth largest after Marathon Digital, Core Scientific, CleanSpark and Riot Platforms, according to Hashrate Index data.
Bitfarms said it still has another 16,200 bitcoin miners on the way, which would push its hash rate to 12 EH/s once installed. The company also operates mining operations in the United States and Canada.
This comes after the company recently rejected a $950 million takeover offer from Riot Platforms.
Despite a 42% drop in Bitcoin production, BitFarms (BITF) rose 2.92% on the Nasdaq on June 3, according to Google Finance.
However, BITF is still down 15.9% in 2024 after a strong 2023 that saw the company's stock rise 588%.
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