• Bitfarms reports $217 million in BTC holdings, with 405 bitcoin mined in April

  • Bitfarms, a Bitcoin self-mining company, recently updated its Bitcoin production and mining operations for April 2022.

    According to the report, Bitfarms now has 5,646 BTC in custody as of April 30, 2022, representing a total value of nearly $217 million based on the current BTC price of $38,500. In addition, 405 new BTC were mined in April 2022, a 75 percent increase from the previous year.

    It breaks down this figure as an average of 13.5 BTC mined daily in April, which equates to nearly $520,000 per day and $15.6 million for the month based on a BTC price of $38,500 on April 30, 2022.

    The mining company also reports that mining momentum increased throughout April, with new miner installations increasing hashrate to over 3.3 EH/s at the end of the month, up 22 percent from 2.7 EH/s at the end of March.

    Bitfarms is not the only company that has a significant amount of BTC in its possession. According to an April 5 regulatory filing, business intelligence firm MicroStrategy reported 129,218 Bitcoins after acquiring 4,167 Bitcoins between February 15 and April 4.

    Bitcoin’s price movement

    Bitcoin, the world’s largest cryptocurrency, is currently trading slightly in the green, at $38,810 on major spot exchanges. Despite recent market volatility, Bitcoin is still 43.65 percent below its all-time high.

    Bitcoin fell steadily from a high of $43,109 on April 21 to trade at $37,590 on April 30. Bitcoin found support in this area and began to rise. It then rose to a high of $39,181 before falling slightly. Following the recent corrections, most altcoins are also slightly in the green. Accordin. The XRP price has risen nearly 6% in the last 24 hours.

    As traders brace for volatility, the market appears to be characterized by mixed expectations. According to crypto journalist Colin Wu, “This week, from May 3 to May 4, the US Federal Reserve’s FOMC will hold a two-day interest rate meeting, following which a decision to raise interest rates by 50 basis points is expected to be released. The global market may become more volatile as a result of this.”

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