Bitfarms mined 21% more Bitcoin in June amid Riot takeover attempts
Bitcoin miner Bitfarms upped its month-on-month Bitcoin ( BTC ) production by 21% in June whilst fending off attempts of a company takeover by Riot Platforms, one of its biggest competitors.
Bitfarms mined 189 Bitcoin in the month and sold 134 of those Bitcoins for $8.8 million, the firm revealed in a July 1 statement. It now holds 905 Bitcoin, worth $57 million, in its treasury.
However, its Bitcoin production fell 51% compared to June, 2023, due to the latest halving event slicing the block subsidy by 50%.
The Canadian-based miner increased its installed hashrate to 11.4 exahashes per second in June — 10.4 EH/s of which is online — and is still “on track” to reach its 21 EH/s target by 2024’s end.
The 10.4 EH/s marks a 96% year-on-year and 39% month-on-month increase.
Bitfarms has focused on updating its fleet in 2024, installing roughly 39,000 new miners and unplugging 39,000 older, less-efficient miners, said Ben Gagnon, Bitfarms’ chief mining officer.
“[This has] significantly expanded our hashrate and improved our energy efficiency and gross mining margins across our portfolio.”
Bitfarms also expanded its operations in the United States with a 120 Megawatt site in Sharon, Pennsylvania, which will support an additional 8 EH/s once installed.
Mining operations at its Paso Pe facility in Paraguay was curtailed due to “severe weather” in June.
However, this setback was partially offset by a 0.8% decrease in network difficulty compared to May, Bitfarms noted.
Riot Platforms takeover attempts
It comes as Riot Platforms attempted to acquire Bitfarms with a $950 million buyout offer in mid-June, though the company later admitted defeat.
“[It’s] clear that engaging with the incumbent Bitfarms Board on a potential combination is just not possible,” Riot said in a June 24 statement.
Related: Bitcoin miner sell pressure ‘weakening’ as BTC withdrawals drop 85%
Riot managed to buy a 14.9% stake in Bitfarms on or before June 24 but attempts at 15% or more were blocked.
Riot also tried to replace three Bitfarms board of directors during the month but that attempt hasn’t been successful either. Bitfarms added a board member of its own soon after to deter Riot’s takeover attempts.
Magazine: El Salvador’s national Bitcoin chief has been orange-pilling Argentina
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Lightspeed Newsletter: A conversation with Solana’s first VC
Plus, Helium’s plans to expand beyond its decentralized wireless mission
![](https://img.bitgetimg.com/multiLang/web/51cc7e6859470c21a7373182da3b874c.webp)
Toncoin outshines top 50 tokens with over 40% rise in Q2 2024
Share link:In this post: Crypto projects struggled during the last quarter, with multiple layer1 and layer2 tokens losing over 50% of their value. Toncoin was an outlier as its value rose over 40%, making it the best-performing asset during the period. Solana was the worst performer among the top five digital assets by market capitalization.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page
![](https://img.bitgetimg.com/multiLang/image/social/7817f6a0db9d66b05e5b551f607000921720045986505.webp)