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Bitfarms Bitcoin Production Declined 10% in April Despite Hashrate Growth

Bitcoin (BTC) mining firm Bitfarms said its production decreased 10.6% to 379 BTC in April despite its corporate hashrate growing by 4% to 5.0 EH/s.

Of the mined BTC, the miner sold 349 units of the assets to generate $10.1 million, adding that it reduced its debt by $2 million, leaving a balance of $19 million as of April 30.

According to the May 1 statement, Bitfarms said it was cash flow positive in April due to the improved mining economics. The crypto company noted a net addition of 30 BTC to its treasury in April — bringing its total to 465 BTC ($13.6 million).

(by Oluwapelumi Adejumo)

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