**Bitfarms Boosts Bitcoin Production by 21% in June Amidst Hostile Takeover Bid by Riot Platforms**
**Hassan Shittu**
**Last updated:**
**July 2, 2024, 07:21 EDT**
**| 3 min read**
Bitfarms, a leading Bitcoin mining firm, has announced a notable increase in its Bitcoin (BTC) production for June 2024, amidst a challenging takeover attempt by Riot Platforms. The company’s advancements in technology and strategic expansion underscore its resilience and commitment to maintaining a strong presence in the competitive crypto-mining industry.
**Bitfarms Records 21% Surge in June BTC Production Despite Halving Challenges**
In June, Bitfarms reported a 21% month-over-month increase in Bitcoin production, mining a total of 189 BTC. The company sold 134 of these Bitcoins for approximately $8.8 million, retaining 905 BTC valued at around $57 million. However, despite this monthly growth, the production was down by 51% compared to June 2023, due to the April Bitcoin halving event, which slashed block rewards by 50%. The halving, which occurs roughly every four years, aims to control Bitcoin’s supply until it reaches the 21 million coin cap.
Bitfarms’ installed hashrate in June reached 11.4 exahashes per second (EH/s), with 10.4 EH/s operational. This marks a significant year-on-year increase of 96% and a 39% rise from the previous month. The company aims to achieve a 21 EH/s hashrate by the end of 2024, highlighting its aggressive growth in mining capabilities.
Despite severe weather disrupting operations at Bitfarms’ Paso Pe facility in Paraguay in June, the company managed to offset some challenges with a slight 0.8% decrease in network difficulty compared to May, enhancing operational efficiency.
**Bitfarms Key Performance Indicators for June 2024** *Source: Bitfarms*
Chief Mining Officer Ben Gagnon noted that Bitfarms recently expanded its U.S. operations with a new 120-megawatt site in Sharon, Pennsylvania. Once fully operational, this site will support an additional 8 EH/s. Located within the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the largest wholesale electricity market in the U.S., this new facility will significantly contribute to Bitfarms’ mining capacity, projecting over 35 EH/s by 2025. This expansion will boost Bitfarms’ projected power capacity to 648 megawatts by 2025, a 170% increase from its current capacity.
**Internal Struggles with Riot Platforms**
In mid-June, Riot Platforms made a $950 million buyout offer for Bitfarms but ultimately failed in its takeover attempt. By June 24, Riot had acquired a 14.9% stake in Bitfarms but was blocked from further increasing its stake. Additionally, Riot’s effort to replace three members of Bitfarms’ board of directors was unsuccessful.
In response, Bitfarms appointed Fanny Philip, an expert in blockchain technology and finance, as an independent board member, making four out of five board members independent. This strategic appointment is part of Bitfarms’ efforts to fend off Riot’s takeover attempts.
As Bitfarms continues to resist Riot Platforms’ hostile takeover, it remains focused on enhancing its mining operations and expanding its infrastructure. The company has engaged multiple financial and legal advisors to maximize shareholder value and potentially resolve the ongoing conflict with Riot.
The Bitcoin mining industry is witnessing increased interest due to the rising demand for AI-driven computational power, with significant investments like Coatue Management’s $150 million in Hut 8.
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