Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- In spite of Riot’s attempts to take over, Bitcoin miner Bitfarms successfully mined 21% more Bitcoin (BTC) in June.
- Additionally, Bitfarms raised its online hashrate to 10.4 exahashes per second in June, representing a 39% increase from the previous month.
Bitfarms, a Bitcoin miner, augmented its monthly Bitcoin (BTC) output by 21% in June while resisting acquisition attempts from Riot Platforms, one of its main rivals.
During the month, Bitfarms mined 189 Bitcoins and sold 134 of them for $8.8 million, as disclosed in a statement on July 1. The company currently holds 905 Bitcoins, valued at $57 million, in its reserves.
However, its Bitcoin output declined by 51% compared to June 2023, attributed to the recent halving event, which reduced the block subsidy by 50%.
The Canadian miner enhanced its installed hashrate to 11.4 exahashes per second in June, with 10.4 EH/s currently operational, and remains “on track” to achieve its goal of 21 EH/s by the end of 2024.
The 10.4 EH/s signifies a 96% increase year-over-year and a 39% rise month-over-month.
Bitfarms’ key performance indicators in 2024 compared to 2023. Source: Bitfarms
In 2024, Bitfarms has concentrated on modernizing its fleet, adding approximately 39,000 new miners while decommissioning an equal number of older, less efficient ones, according to Ben Gagnon, Bitfarms’ chief mining officer.
Related Posts
“[This has] greatly enhanced our hashrate and boosted our energy efficiency and gross mining margins across our operations.”
Bitfarms also broadened its activities in the United States with a 120 Megawatt facility located in Sharon, Pennsylvania, which will provide support for an additional 8 EH/s once fully operational.
Mining operations at its Paso Pe site in Paraguay were limited due to “severe weather” conditions in June.
Nonetheless, this issue was somewhat mitigated by a 0.8% drop in network difficulty compared to May, Bitfarms observed.
Riot Platforms takeover attempts
This comes as Riot Platforms sought to acquire Bitfarms with a $950 million buyout proposal in mid-June, although the company later acknowledged its failure.
“[It’s] evident that engaging with the existing Bitfarms Board regarding a possible merger is just not feasible,” Riot stated in a release on June 24.
Riot successfully acquired a 14.9% stake in Bitfarms on or before June 24, but efforts to secure 15% or more were obstructed.
Riot also attempted to replace three members of Bitfarms’ board during the month, but that effort was unsuccessful as well. Shortly thereafter, Bitfarms appointed an additional board member to counter Riot’s takeover endeavors.
