Following the Bitcoin halving event in April, Bitfarms’ cryptocurrency mining operations began to recover. In June, Bitfarms obtained 189 bitcoins, exceeding the 156 bitcoins in May. Of the 189 BTC, the company sold 8.8 for a price of $1.34 million. Bitfarms currently holds 905 BTC in its vault, up from 850 last month, valued at nearly $570,000.
One of the mining company’s executives, Ben Gagnon, highlighted the progress of drilling rig upgrades and new facility construction, noting that this year more than 39,000 new machines were installed and an equal number of old machines were removed. Read more: 
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“Our upgrades to all facilities in Quebec have now been completed, significantly expanding our hashing capability and improving the energy efficiency and mining gross margin of our entire portfolio,” said Gagnon. As of April 11, the company’s installation rate was 10.4 EH/s, with an operational speed of 96 EH/s, an annual increase of 39%, and a sequential growth of XNUMX%.
Although the 189 BTC mined represented a 21% growth over the previous quarter, there was a year-on-year decrease of XNUMX% due to the May halving. This event, which occurs every four years, reduces the mining rewards for BTC to control its supply. This mechanism will continue until the total circulation of BTC reaches the cap of 21 million. Blocks. 