Originally published on: July 01, 2024
Bitfarms, a Bitcoin mining company, revealed an impressive 21% increase in its Bitcoin production for the month of June. This growth comes amidst ongoing attempts by Riot Platforms, Bitfarms’ competitor, to take over the company.
In June, Bitfarms successfully mined 189 Bitcoin, with a value of $67,553 each, and sold 134 of them for $8.8 million. The company now holds a total of 905 Bitcoin in its treasury, worth a staggering $57 million.
Although production fell by 51% compared to June 2023 due to recent halving events, Bitfarms remains focused on expanding its operations. The Canadian-based miner increased its installed hashrate to 11.4 exahashes per second in June, nearing its target of 21 EH/s by the end of 2024.
Ben Gagnon, Bitfarms’ chief mining officer, shared that the company has been updating its fleet by installing new, more efficient miners while decommissioning older ones. Bitfarms also expanded its operations in the United States with a 120 megawatt site in Sharon, Pennsylvania.
Despite facing setbacks such as mining operations being curtailed in Paraguay due to severe weather, Bitfarms remains optimistic about its growth potential. Riot Platforms attempted to acquire Bitfarms in June with a $950 million buyout offer but was unsuccessful.
In response to Riot’s takeover attempts, Bitfarms added a new board member to its team to fend off further advances. With the crypto industry witnessing various strategic battles like these, Bitfarms’ continued progress signals a promising future for the company.
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