Corresponding to information socialized by Brayden Lindrea, Bitfarms cryptocurrency mining revenue fell 42% in May, this has been linked to “The Bitcoin mining firm also blamed ‘unusually cold temperatures’ at its Rio Cuarto, Argentina facility for the drop in Bitcoin production.”
The truth is, “Bitfarms' cryptocurrency mining revenue fell 42% in May, the first full month since Bitcoin halving took effect in mid-April,” although the situation has been linked to weather behavioral issues, the performance or rather “The Bitcoin halving event on April 20 saw the Bitcoin mining subsidy reduced from 6.25 BTC to 3.125 BTC, putting financial pressure on miners”
To quote, “Bitfarms also blamed ‘unusually cold temperatures’ at its Rio Cuarto facility in Argentina for the drop in Bitcoin production. The weather, which Bitfarms said was the worst in 44 years at that location, forced the company to curtail its mining operations in Rio Cuarto for eight days”
One fact to note is that, “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.”
Separately, “The company said its installed hash rate is currently 9.5 EH/s, which would be the fifth largest behind Marathon Digital, Core Scientific, CleanSpark and Riot Platforms, according to Hashrate Index data”
SOURCES CONSULTED
Cointelegraph. Halving full effect: Bitfarms crypto mining revenue falls 42% in May. Link
OBSERVATION:
Cointelegraph The cover image does not belong to the author: @lupafilotaxia, the image was taken from:
Yeehaw, looks like Bitfarms is wranglin' through a rough patch! Keep on pushin', cowboy, better days are on the horizon.