Bitfarms Boosts Hashrate and Bitcoin Production Amid Riot Takeover Attempts
In June, Bitcoin miner Bitfarms increased its online hashrate to 10.4 exahashes per second (EH/s), marking a 39% month-on-month increase. The company mined 189 Bitcoin, a 21% increase from the previous month, and sold 134 of them for $8.8 million. Bitfarms now holds 905 Bitcoin, valued at $57 million, in its treasury.
Despite the increase in production, there was a 51% decrease compared to June 2023 due to the most recent halving event, which reduced the block subsidy by 50%. The Canadian-based miner is progressing towards its goal of reaching a 21 EH/s target by the end of 2024, having achieved a 96% year-on-year increase in hashrate.
In 2024, Bitfarms has focused on updating its mining fleet by installing approximately 39,000 new miners and disconnecting an equal number of older, less-efficient units. This strategy has significantly expanded its hashrate and improved energy efficiency and gross mining margins.
Bitfarms also expanded its U.S. operations with a new 120-megawatt site in Sharon, Pennsylvania, which will support an additional 8 EH/s once fully operational. However, severe weather in June impacted its operations at the Paso Pe facility in Paraguay. This setback was partially mitigated by a 0.8% decrease in network difficulty compared to May.
During this period, Riot Platforms attempted a $950 million buyout of Bitfarms. Riot acquired a 14.9% stake in Bitfarms but was blocked from acquiring 15% or more. Riot also attempted to replace three members of Bitfarms’ board of directors but was unsuccessful. In response, Bitfarms added a new board member to strengthen its position against Riot’s takeover attempts.
