Bitfarms reports 21% increase in Bitcoin production amid upgrades and takeover drama

Share This Post

Bitcoin miner Bitfarms reported an increase in Bitcoin production for June following an overall capacity upgrade.

According to its latest monthly production report, Bitfarms’s BTC production rose 21% month-on-month to 189 BTC in June, up from the 156 BTC it produced in May.

The miner stated that its production was impacted by the curtailment in Argentina and the downtime associated with upgrading its miners in Quebec. However, this was partially offset by a 0.8% decrease in network difficulty compared to May.

Meanwhile, the company sold 71% of the 189 BTC it produced, netting $8.8 million as part of its regular Treasury management process. Despite this, Bitfarms’ Treasury holds 905 BTC, valued at $55.2 million, with 1,557 BTC produced year-to-date.

Hashrate growth

The company revealed that it enhanced hashrate by 39% to 10.4 EH/s as of the end of the month. Ben Gagnon, Bitfarms’ Chief Mining Officer, said the firm had upgraded its factories to expand hashrate and improve energy efficiency.

Consequently, the miner increased its installed hashrate to 11.4 EH/s, with 10 EH/s operational. The miner also enhanced its energy efficiency to 25 w/TH, achieving a 7.4% month-on-month and 36% year-on-year growth.

Further, he reported that the company replaced 39,000 miners with new ones in June. Gagnon stated:

“We continue to make progress on our fleet upgrades and new facility constructions, having installed over 39,000 new miners and deracked over 39,000 old miners so far this year.”

Additionally, Bitfarms highlighted its strategic US expansion deal, which saw it secure a 120 MW site for High Performance Computing (HPC) and Artificial Intelligence (AI) in Sharon, Pennsylvania.

Takeover attempt continues

The takeover battle between Bitfarms and its competitor, Riot Platforms, continued to evolve in June.

Riot, which holds about 15% of Bitfarms, had called for a special shareholder meeting where it wanted to nominate three independent directors to Bitfarms’ board as part of its takeover strategy.

In response, Bitfarms named Fanny Philip as an independent board member, revealing that this appointment increased its board to five directors, four of whom are independent.

The post Bitfarms reports 21% increase in Bitcoin production amid upgrades and takeover drama appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Large Transactions Surge 41% With 35% Uptick In Daily Addresses, Will Price Follow?

Dogecoin has seen a significant uptick in activity over the past few hours as its price begins to rebound following a correction over the weekend Over the last 24 hours, there has been a notable

MicroStrategy to Raise $1.75 Billion to Expand Bitcoin Holdings

The post MicroStrategy to Raise $175 Billion to Expand Bitcoin Holdings appeared first on Coinpedia Fintech News Following a significant $46 billion Bitcoin (BTC) purchase, MicroStrategy’s (MSTR)

Michael Saylor’s Poll: Most Believe Bitcoin Will Hit $100K by New Year

Michael Saylor’s poll ignites excitement as 856% of voters predict bitcoin smashing $100K by year’s end, fueled by record highs and massive Microstrategy buys Bitcoin $100K Target

Binance launches yield-bearing stablecoin BFUSD with roughly 20% APY

Binance has launched BFUSD, a yield-bearing stablecoin for futures and perpetuals traders, according to a Nov 18 announcement BFUSD provides an annual percentage yield (APY) of approximately 1955%,

Is The Dogecoin Price Rally Over? Analyst Reveals Why There’s Still Room To Run

The Dogecoin price correction extended throughout the weekend, teasing what might be the steady end of a powerful rally in the previous four weeks The popular meme-based cryptocurrency dropped to a

Coinbase CEO Advocates Ending Individual Income Tax Entirely, Shifting Burden to Businesses

Coinbase CEO Brian Armstrong wants to scrap income taxes entirely, dumping the 150,000-page tax code and shifting the chaos to businesses Coinbase’s CEO Challenges America’s Tax Code Chaos