Bitcoin mining firms keep building despite BTC mining profitability slump
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Despite a 44% decline in Bitcoin (
In other recent company updates, Bitfarms announced that it had mined 459 BTC in May, increasing production by 6.5% year-on-year. “A 47% year-over-year increase in our hash rate was offset by a 65% increase in network difficulty in the same period,” said Chief Mining Officer Ben Gagnon.
Cipher Mining announced a record production in May with 493 BTC mined. The increases were due to the transaction fee spike during the BRC-20 memecoin minting craze that peaked in early May.
On May 31, Compass Mining inked a deal with hosting provider Arthur Mining to open a new facility in Ohio.
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