Bitfarms reports 3% increase in May daily average production

Bitfarms (NASDAQ:BITF) daily average production increased to 13.9 bitcoin/day (equivalent to ~$431K/day and ~$13.3M based on BTC price of $31K) in May, which is an increase of 3% from April levels. The company completed the build out of Leger facility with 7.4K miners generating ~740 PH/s; Leger is now the company's single largest site with a production level nearly equivalent to Bitfarms entire hashrate at the end of Q2 2020. "Bitfarms mining operations remain profitable; even with the drop in Bitcoin prices in May, we achieved strong gross margins. With our business model, stable low-cost hydro power and highly efficient Bitcoin miners and facilities, Bitfarms enjoys one of the lowest and most competitive costs to produce a Bitcoin globally," Chief Mining Officer Ben Gagnon commented. The second construction phase at The Bunker is continuing and is expected to increase the site’s capacity to 30 MW when completed. As of May 31, 2022, it