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.

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Bitcoin investors could see a sharp rally to $150,000 by the end of the year, according to Tom Lee, Fundstrat’s head of research. Lee, known for his bullish bitcoin forecasts, anticipates a 138% upside from its current price, despite a 7% decline last month.

The recent slide in bitcoin prices is attributed to nervousness over payouts from Mount Gox, the bankrupt crypto exchange. Starting this month, the trustee will distribute repayments to 20,000 users, which has pressured crypto prices. However, Lee believes this overhang will soon dissipate, setting the stage for a significant rebound.

As the Federal Reserve looks to ease interest rates, other bitcoin forecasters remain optimistic. Bitcoin has already recovered from its 2022 losses, reaching an all-time high of $73,000 this year. Lee suggests that with the Mount Gox issue resolved, the path is clear for another substantial rally in the second half of 2024.

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