Bitfarms Sees 42% Revenue Drop from mining in May Post-Bitcoin Halving
The company attributed part of the decline in production to "unusually cold temperatures" at its Rio Cuarto facility in Argentina, which led to an eight-day curtailment of mining operations, marking the location's worst weather in 44 years
Bitfarms, a Bitcoin mining firm, reported a 42% drop in crypto mining revenue in May, the first full month following the Bitcoin halving in mid-April, which reduced their Bitcoin production from 263 BTC in April to 156 BTC in May. The company attributed part of the decline in production to "unusually cold temperatures" at its Rio Cuarto facility in Argentina, which led to an eight-day curtailment of mining operations, marking the location's worst weather in 44 years. Despite the decrease in production, Bitfarms was able to secure an additional 100 megawatts at its site in Paraguay, potentially increasing its computational power.
