Bitfarms is fending off a hostile takeover from Riot Platforms while ramping up its Bitcoin mining operations. In June, Bitfarms mined 189 bitcoins, a significant increase from May’s 156 bitcoins. The company sold 134 of the mined bitcoins for $8.8 million, increasing its treasury holdings to 905 bitcoins, valued at $55.2 million as of June 30.

Chief Mining Officer Ben Gagnon highlighted ongoing upgrades, with over 39,000 new miners installed and 39,000 old miners removed this year. These enhancements have boosted Bitfarms’ hashrate and energy efficiency, particularly in its Quebec facilities. The company ended June with 11.4 EH/s installed and 10.4 EH/s operational, marking a 96% year-over-year increase and a 39% month-over-month rise.

Despite a 21% month-over-month growth in bitcoin production, the output is down 51% from last year due to April’s Bitcoin halving. This event, which halves the reward for mining, occurs every four years to control Bitcoin’s supply, ultimately capping it at 21 million.

Report