Bitfarms, a prominent Bitcoin mining company, has recently revealed a significant 42% decline in its cryptocurrency mining revenue for the month of May. This decline comes as a result of the Bitcoin halving that occurred in mid-April, causing Bitfarms’ Bitcoin production to plummet from 263 BTC in April to 156 BTC in May. The company has attributed a portion of this decline to the occurrence of “unusually cold temperatures” at its Rio Cuarto facility in Argentina. These extreme weather conditions forced a temporary halt to mining operations for a duration of eight days, making it the worst weather situation the facility has faced in the past 44 years. Despite these challenges, Bitfarms managed to acquire an additional 100 megawatts of power for its Paraguay site, which has the potential to enhance its computational capabilities.
