With the period of the market, many crypto-focused companies were negatively affected. One of the last affected institutions was Bitcoin mining company Bitfarms. Bitfarms saw Bitcoin mining revenue drop nearly 40 percent month on month in June, while Bitcoin lost about a third of its value.
According to the statement made by Bitcoin mining company Bitfarms; The company minted a total of 420 BTC in June, a slight drop of just 2.6 percent from May. It increased the hash rate by 0.2 exahash per second (EH/s) over the same period. Bitfarms chief mining officer Ben Gagnon made the following statement on the subject:
“This growth, combined with recent declines in the overall network hashrate from around 222 EH/s for 30 days to 212 EH/s, indicates that we are in a good position to gain market share and increase our daily mined Bitcoins in July.”
The company also closed the month with about half of the Bitcoin it previously held by selling about 3,000 BTC to pay off part of the $100 million loan it received from Galaxy Digital.
Bitcoin Whales Keep Buying Aggressively
Whales with more than 1.00 BTC continued to accumulate cryptocurrencies cheaper than last year, and IntoTheBlock analyst Juan Pellicer took advantage of the high-speed accumulation of Bitcoin whales in the recent multi-year long bear market, according to Decrypt.
He added that while the whales' balance continues to grow, they don't appear to be growing "with the same intensity as the last bear cycle." Blockchain analytics firm Glassnode noted on social media that whales holding more than 1,000 BTC “usually go through accumulation/distribution cycles in line with the Bitcoin market structure.” According to the firm, these assets are “aggressively adding to their balance” as they buy 140,000 BTC per month from cryptocurrency exchanges.