In June, Bitcoin miner Bitfarms increased its month-on-month Bitcoin (BTC) production by 21%, despite facing takeover attempts from Riot Platforms, one of its primary competitors.
Bitfarms announced on July 1 that it had mined 189 Bitcoins in June, selling 134 of them for $8.8 million. The company currently holds 905 Bitcoins in its treasury, valued at $57 million.
However, this year’s June production represents a 51% decrease from June 2023, attributed to the latest halving event, which reduced the block subsidy by 50%.
Based in Canada, Bitfarms boosted its installed hashrate to 11.4 exahashes per second (EH/s) in June, with 10.4 EH/s actively online. The company remains “on track” to achieve its target of 21 EH/s by the end of 2024. The 10.4 EH/s online marks a 96% year-on-year and a 39% month-on-month increase.
Bitfarms’ key performance indicators in 2024 compared with 2023. Source: Bitfarms
In 2024, Bitfarms has been focusing on upgrading its equipment, installing approximately 39,000 new miners and decommissioning 39,000 older, less-efficient units, according to Ben Gagnon, Bitfarms’ chief mining officer. The company also expanded its U.S. operations with a 120 Megawatt site in Sharon, Pennsylvania, which will support an additional 8 EH/s once fully operational.
Operations at Bitfarms’ Paso Pe facility in Paraguay were disrupted in June due to severe weather conditions. However, this impact was somewhat mitigated by a 0.8% decrease in network difficulty compared to May.
Riot Platforms’ Takeover Attempts
In mid-June, Riot Platforms attempted a $950 million buyout of Bitfarms but eventually conceded defeat. “It’s clear that engaging with the incumbent Bitfarms Board on a potential combination is just not possible,” Riot stated on June 24.
Riot acquired a 14.9% stake in Bitfarms by June 24, but efforts to increase this to 15% or more were blocked. Riot also tried to replace three members of Bitfarms’ board of directors during the month, but these efforts were unsuccessful. In response, Bitfarms added a new board member to fend off Riot’s takeover attempts.
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