Bitfarms' Bitcoin production in May decreased by 42%, with rapid progress in mining machine upgrades.

Bitfarms released its production data for May, showing the impact of the Bitcoin halving on the company's profits. In May, they produced 156 bitcoins, a 42% decrease from April and a 66% decrease from the same period last year. They sold 136 bitcoins in May, generating a total revenue of $8.9 million, lower than April's $16.1 million. The total amount of bitcoins held in Bitfarms' treasury increased to 850, valued at $57.2 million. The average of 24.5 bitcoins per EH/s obtained decreased by 45% compared to April. Bitfarms' Chief Mining Officer, Ben Gagnon, stated that the mining machine upgrade is progressing rapidly, with an expected hash rate of 12 EH/s to be achieved in June.