In June, Bitcoin miner Bitfarms increased its month-on-month Bitcoin production by 21%, despite fending off takeover attempts from competitor Riot Platforms. Bitfarms mined 189 Bitcoins during the month, selling 134 of them for $8.8 million, according to a July 1 statement. The firm now holds 905 Bitcoins, valued at $57 million, in its treasury.
Despite a 51% drop in Bitcoin production compared to June 2023 due to the latest halving event reducing block subsidies by 50%, Bitfarms achieved significant growth in its hashrate. The company’s installed hashrate rose to 11.4 exahashes per second (EH/s) in June, with 10.4 EH/s currently online. This marks a 96% year-on-year and 39% month-on-month increase. Bitfarms remains on track to reach its goal of 21 EH/s by the end of 2024.
Chief Mining Officer Ben Gagnon highlighted the company’s focus on updating its fleet in 2024, installing around 39,000 new miners while unplugging 39,000 older, less efficient ones. This has expanded Bitfarms’ hashrate and improved energy efficiency and gross mining margins across its portfolio.
Bitfarms expanded its U.S. operations with a 120 Megawatt site in Sharon, Pennsylvania, which will support an additional 8 EH/s once fully operational. Meanwhile, operations at its Paso Pe facility in Paraguay were curtailed due to severe weather in June. However, this setback was partially offset by a 0.8% decrease in network difficulty compared to May.
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In mid-June, Riot Platforms attempted a $950 million buyout of Bitfarms, but later admitted defeat. Riot stated that engaging with Bitfarms’ board for a potential combination was not possible. Despite acquiring a 14.9% stake in Bitfarms, further attempts to increase this to 15% or more were blocked. Riot also tried to replace three members of Bitfarms’ board of directors but was unsuccessful. In response, Bitfarms added a new board member to deter Riot’s takeover attempts.
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