Bitfarms insists that it maintains positive cash flow despite selling most of the Bitcoin mined in May.
Bitcoin (BTC) miner Bitfarms sold 414 BTC, or 90.19%, of the 459 BTC mined in May, according to a statement June 1.
According to the statement, the miner generated $11.3 million from the sold assets, reduced debt by $1.8 million, leaving a balance of $17.4 million as of May 31.
BTC PRODUCTION UP
When Bitfarms BTC production is viewed on monthly figures, its production has increased 21% from the 379 BTC recorded in April.
On year-to-date figures, its Bitcoin output is 2,135 BTC, up 18.74% from the 1,798 BTC recorded during the same period last year.
Speaking about the increase in production, Ben Gagnon, the company’s director of mining, pointed out that the increase in output was “largely due to a temporary spike in BTC transaction fees.”
Additionally, Bitfarms added 45 BTC to its coffers in May— bringing the total to 510 BTC, worth $13.8 million.
ADDED 2900 MINING MACHINES
The BTC mining company further revealed that it received 2900 mining machines in Argentina. The miner said the machines are part of 6,200 ordered in April and the remaining 3300 will be delivered and installed in June.
Bitfarms CEO Geoff Morphy said the machine deliveries supported the company’s organic growth target of 6.0 EH/s from the end of Q4 2023 to the end of Q3 2023. Morphy added:
We are focusing on organic and other growth opportunities that bring cumulative value and cash flow to us ahead of the halving scheduled for April 2024.
Following news of improved manufacturing and plans for further growth, Bitfarms’ BITF stock is up 0.30% to $1.20 at press time, according to Google Finance data.