In June, Bitcoin miner Bitfarms increased its Bitcoin production by 21% compared to the previous month, while defending against takeover attempts by competitor Riot Platforms.
In a July 1 statement, Bitfarms revealed that the company mined 189 Bitcoin in June and sold 134 of them for $8.8 million. The company now holds 905 Bitcoin, valued at $57 million, in its treasury. Despite the monthly increase, production dropped 51% compared to June 2023 due to the recent halving event that reduced the block subsidy by half.
The Canadian bitcoin miner boosted its installed hashrate to 11.4 exahashes per second (EH/s) in June, with 10.4 EH/s active. Bitfarms aims to reach a hashrate of 21 EH/s by the end of 2024. This represents a 96% increase year-on-year and a 39% increase month-on-month.
In 2024, Bitfarms focused on modernising its mining fleet, installing around 39,000 new miners and deactivating 39,000 older, less efficient ones. Chief Mining Officer Ben Gagnon stated this update has significantly expanded their hashrate and improved energy efficiency and gross mining margins.
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 operational. However, mining at its Paso Pe facility in Paraguay was disrupted by severe weather in June. This setback was partially 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 admitted defeat. Riot, which acquired a 14.9% stake in Bitfarms by June 24, was blocked from acquiring 15% or more. Additionally, Riot’s efforts to replace three members of Bitfarms’ board of directors were unsuccessful. In response, Bitfarms added a new board member to thwart Riot’s takeover attempts.