Bitfarms Mining Revenue Falls 45%

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Bitcoin mining firm Bitfarms has released its latest monthly production data, shedding light on how the Bitcoin halving has affected its profitability and raising concerns about potential consolidation in the industry.

In May, the company earned a total of 156 BTC, down 42% from the previous month and 66% from the same time last year.

Out of this, 136 BTC were sold for a total of $8.9 million as part of regular treasury management practices, a decrease from the $16.1 million earned in April.

The total amount of BTC held in the company’s treasury increased to 850 BTC, with a value of $57.2 million based on a BTC price of $67,300 on May 31.

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