Bitcoin miner Bitfarms said it has received $17 million of the $24 million VAT refund in Canada.
Bitfarms first disclosed last month in its production update for April that it received “a favorable outcome” in Québec’s VAT treatment, which confirmed a refund of $23.7 million.
On Monday, Bitfarms said it received $17 million of the refund in May and expects to receive another $6 million in the next few weeks.
“This VAT refundability reduces our Canadian power costs by 15%,” Bitfarms said in the release. According to Bitfarms’ financial earnings for Q1, its all-in mining cost was estimated to be around $34,000, including power, site expenses, corporate overhead, and financial expenses.
The refund comes in the first full month after bitcoin’s fourth halving event. Bitfarms mined 156 BTC in May, which is in line with TheMinerMag’s projection from last week. That represented a decline of 42% compared to Bitfarms’ production in April due to the bitcoin halving.
In May, Bitfarms sold 136 BTC, accounting for 87% of its production last month. Its bitcoin reserves increased to 850 BTC as of May 31.