The halving of Bitcoin shows that Bitfarms BTC mining revenue is declining
The impact of the fourth Bitcoin halving caused BitFarms to report its lowest monthly revenue in more than two years.
The mining company earned 269 Bitcoins (BTC) in April 2024 through mining rewards and transaction fees. The company is making a $240 million upgrade to its Bitcoin mining equipment in an effort to remain profitable amid ever-decreasing rewards.
Once the upgrade – which includes access to 88,000 of the most efficient Bitcoin miners – is complete, Bitfarms will triple its current hash rate at 21 exhashes per second (EH/s).
BitFarms' April product update shows the company improved its corporate energy efficiency by 9% to 31 watts per terahertz (W/TH).
In addition to the monthly revenue of 269 BTC (approximately $15.5 million), BitFarms expects a $23.7 million value-added tax (VAT) refund from Canada. Bitfarms Head of Mining Ben Gannon sharing an update on the fleet upgrade:
“In April, we completely upgraded two farms in Quebec (Canada) with Bitmain T21 miners, improving energy efficiency on those farms by 51% and on a company-wide basis by 9%.”
Bitcoin's halving caused a 5.9% increase in network difficulty compared to March, affecting all miners' earnings. For Bitfarms, ongoing turbine maintenance in Argentina has temporarily reduced monthly mining capacity.
Related: Arkansas bills boost in crypto miners lead to buyer approval
April revenue of 269 BTC for Bitfarms was 6% lower than last month and 29% lower year-over-year.
Considering that Bitfarms earns 9 BTC per day, the daily income comes to approximately $551,700.
In the first three months of 2024, BitFarms earned 357 BTC, 300 BTC and 286 BTC respectively. Additionally, Bitfarms Treasury increased its Bitcoin holdings from 806 BTC to 830 BTC in April.
To learn more about Bitcoin mining, check out Cointelegraph's Beginner's Guide.
Magazine: Memecoins: Betraying Crypto Ideas… Or Its True Purpose?
