United

2024

Bitcoin

<a href="https://bitcoinworld.co.in/bitfarms-mined-21-more-bitcoin-in-june-amid-riot-takeover-attempts/" title="Bitfarms Mined 21% More Bitcoin In June Amid Riot Takeover Attempts" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Despite Riot takeover attempts, Bitcoin miner Bitfarms mined additional 21% Bitcoin (BTC) in June.</li>
 <li style="font-weight: 400">Bitfarms also increased its online hashrate to 10.4 exahashes per second in June, marking a 39% month-on-month increase.</li>
</ul>
Bitcoin miner Bitfarms increased its month-on-month Bitcoin (BTC) production by 21% in June whilst fending off attempts of a company takeover by Riot Platforms, one of its biggest competitors.
Bitfarms mined 189 Bitcoin in the month and sold 134 of those Bitcoins for $8.8 million, the firm <a href="https://investor.bitfarms.com/news-events/press-releases/detail/252/bitfarms-provides-june-2024-productionand-operations" rel="noopener noreferrer nofollow">revealed</a> in a July 1 statement. It now holds 905 Bitcoin, worth $57 million, in its treasury.
However, its Bitcoin production fell 51% compared to June, 2023, due to the latest halving event slicing the block subsidy by 50%.
The Canadian-based miner increased its installed hashrate to 11.4 exahashes per second in June — 10.4 EH/s of which is online — and is still “on track” to reach its 21 EH/s target by 2024’s end.
The 10.4 EH/s marks a 96% year-on-year and 39% month-on-month increase.
Bitfarms’ key performance indicators in 2024 compared with 2023. Souce: Bitfarms
Bitfarms has focused on updating its fleet in 2024, installing roughly 39,000 new miners and unplugging 39,000 older, less-efficient miners, said Ben Gagnon, Bitfarms’ chief mining officer.
“[This has] significantly expanded our hashrate and improved our energy efficiency and gross mining margins across our portfolio.”
Bitfarms also expanded its operations in the United States with a 120 Megawatt site in Sharon, Pennsylvania, which will support an additional 8 EH/s once installed.
Mining operations at its Paso Pe facility in Paraguay was curtailed due to “severe weather” in June.
However, this setback was partially offset by a 0.8% decrease in network difficulty compared to May, Bitfarms noted.
Riot Platforms takeover attempts
It comes as Riot Platforms attempted to acquire Bitfarms with a $950 million buyout offer in mid-June, though the company later admitted defeat.
“[It’s] clear that engaging with the incumbent Bitfarms Board on a potential combination is just not possible,” Riot <a href="https://www.riotplatforms.com/riot-requisitions-special-meeting-of-bitfarms-shareholders-and-nominates-three-highly-qualified-independent-directors-to-bring-urgently-needed-change-to-bitfarms-board/" rel="noopener noreferrer nofollow">said</a> in a June 24 statement.
Riot managed to buy a 14.9% stake in Bitfarms on or before June 24 but attempts at 15% or more were blocked.
Riot also tried to replace three Bitfarms board of directors during the month but that attempt hasn’t been successful either. Bitfarms added a board member of its own soon after to deter Riot’s takeover attempts.

Bitfarms Mined 21% More Bitcoin In June Amid Riot Takeover Attempts

ItsBitcoinWorld

المزيد من المقالات نُشرت في ٣ يوليو ٢٠٢٤

Top Two Altcoins To Long In The Coming Weeks Amid Ongoing Crypto Bullish Sentiment

Here’s Why, Bitcoin experiences a sharp decline

PEPE, Dogwifhat See Major Losses as Crypto Market Dives: Details

Best Cryptos to Buy for Maximum Returns in June 2024

Whale Sells Four Altcoins in the Crypto Market

Spot Ethereum ETF Launch Could Take Place on July 15

انضم إلى مجلتنا الإخبارية المجانية لآخر تحديثات مجال العملات المشفرة يوميًا.