Bitfarms' May BTC Mining Revenue Plummets 42%, Amidst Merger Discussions
CryptoNewsTerminal Staff03 Jun, 2024
Bitfarms' May BTC Mining Revenue Plummets 42%, Amidst Merger Discussions
Bitfarms, a publicly-traded Bitcoin mining company, has disclosed a 42% decrease in its BTC mining output for May compared to the previous month. According to a report released by The Block, Bitfarms mined 156 BTC in May, representing a significant drop from the 269 BTC mined in April. This also marks a substantial 66% decline year-over-year, as the company mined 458 BTC in May 2021. Out of the 156 BTC mined in May, Bitfarms sold 136 BTC, generating $8.9 million in revenue. This is a notable decrease compared to the $16.1 million in revenue generated from BTC sales in April. As of May 31, Bitfarms held 850 BTC in reserve. The news of Bitfarms' decreased BTC mining output and revenue comes amidst reports that the company has recently rejected a takeover bid from rival BTC miner Riot Platforms. Coindesk reported that Riot Platforms offered approximately $950 million to acquire Bitfarms, but the offer was ultimately declined.
