BFARF - Bitfarms mines its 1000th bitcoin brings holdings to $39M

Year-to-date, Bitfarms (BFARF) mined and accumulated 1,006 Bitcoin which is equivalent to $39M, or ~5.5% of its market cap, at close of trading May 27.The company achieved its milestone nine days ahead of schedule and it was completed with 100% hydroelectricity.Bitfarms CEO Emiliano Grodzki comments, "We expect to more than double our installed hydropower infrastructure in Quebec, triple our operational hash rate in 2021 and be trading on both the TSX Venture Exchange and Nasdaq soon."The company is adding ~7.8 bitcoins a day to its inventory at a cost of ~$9,500 per bitcoin as of May 27, 2021.Selling pressure continues for (BTC-USD) as it struggles to surpass $40K; it hit a low of $35,150 earlier this morning.In Q1 2021, the company mined 598 bitcoins at an average cost of $8,400 each.

For further details see:

Bitfarms mines its 1,000th bitcoin, brings holdings to $39M