Bitcoin mining firms keep building despite BTC mining profitability slump

The news comes as Bitcoin mining difficulty reached an all-time high of over 50 trillion on June 1, putting additional pressure on miners. Source: Hashrate IndexThe business has actually continued its expansion regardless of decreasing Bitcoin mining success, which has actually declined to $0.071 per TH/s per day, down 44% over the past 12 months and 82% because the crypto market peak in late 2021, according to Hashrate Index.In February, CleanSpark paid and bought for 20,000 brand-new Antminer S19j Pro+ units and in April it added 45,000 S19 XP ASIC rigs to its fleet.Related: Mining trouble passes 50 trillion– 5 things to know in Bitcoin this weekIn other recent company updates, Bitfarms revealed that it had actually mined 459 BTC in May, increasing production by 6.5% year-on-year. “A 47% year-over-year boost in our hash rate was offset by a 65% increase in network difficulty in the very same duration,” stated Chief Mining Officer Ben Gagnon.Cipher Mining revealed a record production in May with 493 BTC mined.

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Despite a 44% decrease in Bitcoin (BTC) mining profitability over the last year, some Bitcoin mining companies have continued to increase and develop production, according to recent announcements.On June 1, American Bitcoin mining company CleanSpark revealed that it had bought 12,500 new Antminer S19 XP systems for $40.5 million. Approximately 12,500 Antminer S19 XP systems were purchased for $40.5 million – or $23 per terahash.The units have a power-efficiency score of 21.5 joules per terahash … pic.twitter.com/TKRxhWXlzx— CleanSpark Inc. (@CleanSpark_Inc) June 1, 2023