2024

United

Bitcoin

Bitcoin miner Bitfarms upped its month-on-month Bitcoin&nbsp;production by 21% in June while fending off attempts of a company takeover by Riot Platforms, one of its biggest competitors.
Bitfarms mined 189 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) in the month and sold 134 of them for $8.8 million, the firm <a href="https://investor.bitfarms.com/news-events/press-releases/detail/252/bitfarms-provides-june-2024-productionand-operations" target="_blank" rel="noopener nofollow">revealed</a> in a July 1 statement. It now holds 905 Bitcoin, worth $57 million, in its treasury.
However, its production fell 51% compared to June, 2023, due to the <a href="https://cointelegraph.com/explained/bitcoin-halving-explained">latest halving event</a> 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.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-07/4bc83aa0-2348-40a1-90ae-a369bdfd8d77.png">
 <figcaption style="text-align: center;">
 Bitfarms’ key performance indicators in 2024 compared with 2023. Souce: Bitfarms
 </figcaption>
</figure>
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, chief mining officer.
<blockquote data-ct-non-breakable="true">
 “[This has] significantly expanded our hashrate and improved our energy efficiency and gross mining margins across our portfolio.”
</blockquote>
Bitfarms also <a href="https://cointelegraph.com/news/bitfarms-us-expansion-riot-platforms-increases-stake">expanded its operations</a> in the United States with a 120 megawatt site in Sharon, Pennsylvania, which will support an additional 8 EH/s once installed. 
<a href="https://cointelegraph.com/learn/how-to-mine-bitcoin-a-beginners-guide-to-mine-btc">Mining operations</a> 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.
<h2 id="riot-platforms-takeover-attempts">Riot Platforms takeover attempts</h2>
It comes as <a href="https://cointelegraph.com/news/riot-950m-bitfarms-takeover-rejected">Riot Platforms attempted to acquire Bitfarms</a> 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/" target="_blank" rel="noopener nofollow">said</a> in a June 24 statement.
Related: <a href="https://cointelegraph.com/news/bitcoin-miner-sell-pressure-weakening-btc-withdrawals">Bitcoin miner sell pressure ‘weakening’ as BTC withdrawals drop 85%</a>
Riot managed to <a href="https://cointelegraph.com/news/riot-platforms-bitfarms-takeover-board-members">buy a 14.9% stake in Bitfarms</a> on or before June 24 but attempts at 15% or more were blocked. 
Riot also attempted to replace three members of Bitfarms' board of directors during the month, but this effort was unsuccessful as well. Bitfarms added a <a href="https://cointelegraph.com/news/bitcoin-mining-riot-platforms-bitfarms-board-changes">board member of its own</a> soon after to deter Riot’s takeover attempts.
Magazine: <a href="https://cointelegraph.com/magazine/el-salvador-bitcoin-chief-argentina/">El Salvador’s national Bitcoin chief has been orange-pilling Argentina</a>

Bitfarms mined 21% more Bitcoin in June amid Riot takeover attempts

Table of Contents

Cointelegraph

Outros artigos publicados em 1 de jul. de 2024

Explosive Crypto Gems on Bitcoin Ecosystem for 2024

Could Bitcoin Drop below $60k due to Million ‘Wholecoiners’ Actions?

Roaring Kitty faces securities fraud claims in ‘doomed’ GME lawsuit

AI chipmakers see market capitalization surge in June

UXLINK Announces SLP (Social Liquidity Provisioning) Dual Funding Pools

ANDE Officials Allegedly Involved in Illegal Bitcoin Mining Farms in Paraguay

Join our free newsletter for daily crypto updates!