Bitfarms Mined 189 BTC in June, Up 21%, Amid Hostile Takeover Attempt from Riot Platforms
Bitfarms, a prominent Bitcoin mining company, reported a significant increase in Bitcoin (BTC) production for June 2024. This growth comes amid efforts to fend off a hostile takeover attempt by Riot Platforms.
The company’s strategic upgrades and expansion plans highlight its resilience and commitment to growth in the competitive crypto-mining industry.
#Bitfarms Provides June 2024 Production and Operations Update
– Earned 189 BTC in June 2024
– Secured additional 120 MW in Pennsylvania with potential to add 8 EH/s in 2025
– Increased installed hashrate to 11.4 EH/s with 10.4 EH/s operational
– Improved corporate energy… pic.twitter.com/sI6rPtaU1L
— Bitfarms (@Bitfarms_io) July 1, 2024
Bitfarms disclosed a 21% month-on-month increase in Bitcoin production for June, mining a total of 189 BTC. The company sold 134 of these Bitcoins for approximately $8.8 million, leaving with 905 BTC valued at around $57 million.
Despite this month-over-month growth, Bitfarms’ production is down by 51% compared to June 2023. This decline is attributed to the Bitcoin halving event in April, which reduced block rewards by 50%. The halving, occurring approximately every four years after 210,000 blocks, aims to control the supply of Bitcoin until it reaches the maximum limit of 21 million coins.
Bitfarms’ installed hashrate reached 11.4 exahashes per second (EH/s) in June, with 10.4 EH/s operational. This marks a significant 96% increase year-on-year and a 39% increase from the previous month. The company has set a target to achieve a 21 EH/s hashrate by the end of 2024, indicating its aggressive expansion in mining capabilities.
However, severe weather conditions in June disrupted mining operations at Bitfarms’ Paso Pe facility in Paraguay. Despite
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