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Bitfarms Reports $217 Million Worth of BTC in Holdings with 405 Bitcoin Mined in April

Mon, 05/02/2022 - 14:10
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Tomiwabold Olajide
Bitfarms stated that it now has 5,646 BTC in custody, as of April 30, 2022
Bitfarms Reports $217 Million Worth of BTC in Holdings with 405 Bitcoin Mined in April
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Bitcoin self-mining company Bitfarms recently released its Bitcoin production and mining operations update for April 2022.

In the report, Bitfarms stated that it now has 5,646 BTC in custody as of April 30, 2022, representing a comprised value of nearly $217 million based on a BTC price of $38,500. Also, 405 new BTC were mined in April 2022, up 75% from a year ago.

It gives the breakdown of this figure as an average of 13.5 BTC mined daily in April, which is equivalent to nearly $520,000 per day, and approximately $15.6 million for the month based on a BTC price of $38,500 on April 30, 2022.

The mining company also reports growth in mining momentum throughout April, with new miner installations driving hashrate to over 3.3 EH/s at month's end, up 22% from 2.7 EH/s at the end of March.

Bitfarms is not the only company with a significant amount of BTC held in custody. Business intelligence firm MicroStrategy reported 129,218 Bitcoins after acquiring 4,167 Bitcoins over the period Feb. 15-April 4, according to an April 5 regulatory filing.

Bitcoin price action

The world's largest cryptocurrency, Bitcoin, is currently trading slightly in the green, sitting at the $38,810 level on major spot exchanges. Bitcoin, however, is still 43.65% away from its record peak amid recent market volatility.

After dropping from highs of $43,109 on April 21, Bitcoin steadily declined to trade at $37,590 on April 30. Bitcoin met the support around this area and started a rebound. It subsequently rose to highs of $39,181 before a slight retreat. Most altcoins are also slightly in the green following the recent corrections. As reported by U.Today, the XRP price rose nearly 6% in the last 24 hours.

Mixed expectations seem prevalent in the market as traders brace for volatility. As reported by crypto journalist Colin Wu, "This week from May 3 to May 4 - The US Federal Reserve's FOMC holds a two-day meeting on interest rates, followed by a decision to raise interest rates by 50 basis points is likely to be released. This may bring greater volatility to the global market."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.