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

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.

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