Bitfarms Mined More Bitcoin in June Amid Riot Takeover Attempts

Bitfarms significantly increased its online hashrate to 10.4 exahashes per second in June, showing a 39% month-on-month increase.

• Bitfarms mined 189 Bitcoin in June.
• Sold 134 Bitcoins for $8.8 million.
• Currently holding 905 Bitcoin in its treasury.

Despite a 51% decrease in Bitcoin production compared to June 2023 due to the halving event, Bitfarms remains optimistic about its mining operations.

The Canadian-based miner aims to reach a 21 EH/s target by the end of 2024, with a 96% year-on-year and 39% month-on-month increase in installed hashrate in June.

In 2024, Bitfarms focused on updating its mining fleet by installing 39,000 new miners and decommissioning 39,000 older, less-efficient miners. This initiative led to improved energy efficiency and mining margins.

Additionally, Bitfarms expanded its operations in the United States with a 120 Megawatt site in Sharon, Pennsylvania, which will support an additional 8 EH/s once operational.

Mining operations at the Paso Pe facility in Paraguay were impacted by severe weather conditions in June. However, a slight decrease in network difficulty compared to May helped offset this setback.

Riot Platforms Takeover Attempts

Riot Platforms made several attempts to acquire Bitfarms, including a $950 million buyout offer in mid-June. Despite purchasing a 14.9% stake in Bitfarms, Riot’s efforts to acquire a higher stake were thwarted.

Following unsuccessful attempts to replace Bitfarms’ board of directors, Riot’s takeover endeavors faced resistance. Bitfarms responded by adding a new board member to deter Riot’s advances.