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

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