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

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Mon, 2/05/2022 - 14:10
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.

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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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