Bitfarms' mining revenue in May was 156 bitcoins, a 42% decrease month-over-month

ChainCatcher news, according to The Block, Bitcoin mining company Bitfarms has released its latest monthly production data, reporting a profit of 156 bitcoins in May, a decrease of 42% from the previous month and a decline of 66% compared to the same period last year. In terms of profits, the company sold 136 bitcoins, generating total revenue of $8.9 million (down from $16.1 million in April), which is part of the company's regular capital management process.

The total amount of bitcoins held in Bitfarm's treasury has increased to 850, valued at $57.2 million based on the Bitcoin price of $67,300 as of May 31. The company stated that the average of 24.5 bitcoins earned per EH/s has decreased by 45% compared to the previous month, as May was the first full month of "post-halving economics." Based on the Bitcoin price of $67,300 as of May 31, the average daily earnings of 5 bitcoins are approximately equivalent to $340,000 per day.