Bitfarms, a leading Bitcoin mining company, has released its latest monthly production data, highlighting the significant impact of Bitcoin halving on its profits and sparking concerns about industry consolidation. The company's May production data reveals a stark decline in Bitcoin output, with a 42% decrease from April's 269 Bitcoins and a staggering 66% decrease from the same period last year when it produced 459 Bitcoins.

The data shows that Bitfarms produced 156 Bitcoins in May, with a total revenue of $8.9 million generated from the sale of 136 Bitcoins. This is a significant drop from the $16.1 million revenue in April, raising concerns about the company's profitability. The total number of Bitcoins held in Bitfarm's treasury increased to 850, valued at $57.2 million based on the Bitcoin price of $67,300 as of May 31.

The average number of Bitcoins obtained per EH/s decreased by 45% compared to April, as May was the first full month of 'post-halving economics'. This decline is attributed to the reduced block reward, which has significantly impacted the company's profits. Based on the Bitcoin price of $67,300 as of May 31, the average daily output of 5 Bitcoins is approximately equivalent to $340,000 per day.

Ben Gagnon, Chief Mining Officer at Bitfarms, emphasized the company's efforts to upgrade its mining machines, stating that the work is progressing rapidly. So far this year, the company has received 25,600 mining machines, installed 23,600 mining machines, and the remaining 16,200 mining machines are being installed. These mining machines provide enough computing power to achieve 12 EH/s of computing power in June.

The decline in Bitfarms' Bitcoin production and revenue raises concerns about industry consolidation, as smaller mining operations may struggle to remain profitable. The company's efforts to upgrade its mining machines and increase its computing power may help mitigate the impact of halving, but the industry as a whole may need to adapt to the new economic reality.