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Writer's picturemeowdini
Jun 42 min read

Halving Impact: Bitfarms' Crypto Mining Revenue Drops 42% in May

In the wake of Bitcoin’s recent halving event, Bitfarms has reported a significant 42% drop in crypto mining revenue for May. This decline marks the first full month since the halving took effect, drastically affecting the mining economy. Alongside this, Bitfarms faced additional challenges due to unexpected weather conditions at one of its key facilities.



Key Points

  • Revenue Decline: Bitfarms experienced a substantial 42% decrease in crypto mining revenue in May, the first full month post-Bitcoin halving.

  • Production Drop: Bitcoin production fell from 263 BTC ($18.1 million) in April to 156 BTC ($10.7 million) in May.

  • Computational Power: The average Bitcoin earned per exahash per second (EH/s) dropped by 45%, from 44 EH/s to 24 EH/s.

  • Weather Impact: Low temperatures at the Rio Cuarto facility in Argentina, described as the worst in 44 years, forced an eight-day curtailment of mining operations.

  • Network Difficulty: A 4.2% decrease in network difficulty partially mitigated the production drop.

  • Expansion Efforts: Bitfarms secured an additional 100 megawatts at its Yguazu site in Paraguay, potentially doubling its capacity by 2025.

  • Hash Rate: The installed hash rate is currently 9.5 EH/s, with an additional 16,200 Bitcoin miners en route, expected to lift the hash rate to 12 EH/s.


The recent Bitcoin halving has significantly impacted Bitfarms, cutting its revenue and production capabilities nearly in half. Coupled with unexpected weather disruptions, the firm faces considerable challenges. However, Bitfarms is expanding its operations and capacity, which may help stabilize its production and revenue in the coming years.

This comprehensive article addresses the impact of the Bitcoin halving on Bitfarms, detailing the financial and operational challenges faced and highlighting the company's ongoing efforts to expand and adapt to the evolving crypto landscape.




Short description: Bitfarms' crypto mining revenue fell by 42% in May following Bitcoin's halving. Unusual weather conditions at the Rio Cuarto facility in Argentina further impacted production.



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