Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
? 405 new BTC mined during April 2022, up 75% from April 2021
— Bitfarms (@Bitfarms_io) May 2, 2022
? $BITF #Bitcoin #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/rnkxXdiNgD
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."
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin