Bitfarms said it earned 156 BTC in May, down 66% year over year.
Bitcoin miner Bitfarms released its latest monthly production data, which highlights the Bitcoin halving effect on the company’s bottom line and raises concerns about industry consolidation.
The 24.5 BTC/average EH/s is down 45% from the previous month, the company said, as May was the first full month with "post-halving economics." The 5.0 BTC earned daily on average equals about $340,000 per day based on a BTC price of $67,300 on May 31. Riot wanted to buy out all of Bitfarms' outstanding shares at $2.30 a piece, a 24% premium on the one-month weighted average per share, according to Riot Platforms. The deal would have cost $950 million in total equity value. Riot has since purchased a 9.25% stake in Bitfarms, making Riot the largest shareholder in the firm.
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