The Bitcoin mining firm also blamed “unusually cold temperatures” at its Rio Cuarto facility in Argentina for the fall in Bitcoin production.
Bitfarms’ crypto mining revenue fell 42% in May — the first full month since the Bitcoin halving took effect in mid-April.
The company reported a fall in Bitcoin production, from 263 Bitcoin (BTC) ($18.1 million) in April to 156 Bitcoin ($10.7 million) in May. In a June 3 statement, Bitfarm described it as the “first full month with post-halving economics.”
Similarly, the average amount of Bitcoin that Bitfarms earned per unit of computational power fell 45% from 44 exahashes per second (EH/s) to 24 EH/s.
