Bitfarms, a prominent Bitcoin miner, significantly boosted its Bitcoin (BTC) production in June by 21% compared to the previous month, all the while warding off acquisition efforts from Riot Platforms, one of its primary rivals.
According to a statement released on July 1, Bitfarms mined 189 Bitcoins during the month, of which it sold 134 for $8.8 million. As a result, the firm now holds 905 Bitcoins valued at $57 million in its treasury. However, this marked a 51% decline in Bitcoin production compared to June 2023, primarily due to the recent halving event that halved block subsidies.
Based in Canada, Bitfarms ramped up its installed hashrate to 11.4 exahashes per second (EH/s) in June, with 10.4 EH/s operational. The company remains on track to achieve its year-end target of 21 EH/s. This 10.4 EH/s figure represents a notable 96% increase year-on-year and a 39% increase month-on-month.
Bitfarms’ strategic initiatives for 2024 have focused on modernizing its mining fleet, including the installation of approximately 39,000 new miners while retiring 39,000 older, less efficient units, as stated by Ben Gagnon, Bitfarms’ chief mining officer.
Additionally, Bitfarms expanded its operations into the United States with a new 120 Megawatt facility in Sharon, Pennsylvania, set to add 8 EH/s once fully operational. However, mining activities at its Paso Pe facility in Paraguay were hampered by severe weather conditions in June. Nonetheless, Bitfarms noted that this setback was partially mitigated by a 0.8% reduction in network difficulty compared to May.
Meanwhile, Riot Platforms made a bold move to acquire Bitfarms with a $950 million buyout offer in mid-June but ultimately conceded defeat, citing the impossibility of engaging with Bitfarms’ incumbent board for a potential merger.
Despite managing to acquire a 14.9% stake in Bitfarms by June 24, Riot’s attempts to secure 15% or more were thwarted. Riot also tried unsuccessfully to replace three members of Bitfarms’ board of directors during the month. In response, Bitfarms swiftly appointed a new board member to fend off Riot’s takeover efforts.
Source: Bitfarms, comparing key performance indicators in 2024 with 2023.