Bitfarms Boosts Bitcoin Production Amid Takeover Attempts by Riot Platforms

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Bitcoin miner Bitfarms reported a 21% rise in Bitcoin production in June, despite an aggressive acquisition effort from competitor Riot Platforms. On July 1, the Canadian-based company announced that it had mined 189 Bitcoins throughout the month, selling 134 of them for $8.8 million, and that it presently has 905 Bitcoins in its treasury, worth around $57 million.

Bitfarms reports a 51% increase until June 2023.

Although this production shows a huge month-on-month rise, it is a 51% fall from June 2023, owing mostly to the recent halving event that reduced the block subsidy in half. Nonetheless, Bitfarms has made significant progress toward increasing its operational capacity.

In June, the company announced an installed hashrate of 11.4 exahashes per second (EH/s), with 10.4 EH/s online, representing a 96% year-over-year and 39% month-on-month gain. Bitfarms remains committed to meeting its 21 EH/s target by the end of 2024.

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Ben Gagnon, Chief Mining Officer, stressed the company’s strategic upgrades for 2024, which included the installation of around 39,000 new miners and the retirement of an equivalent number of older, less efficient machines. This effort greatly increased Bitfarms’ hashrate, energy efficiency, and gross mining profitability.

Bitfarms expands into the US.

In addition to increasing mining capacity, the firm expanded its operations in the United States by establishing a 120 Megawatt plant in Sharon, Pennsylvania, which is estimated to add another 8 EH/s when fully operational. However, harsh weather in June created operational issues at the company’s Paso Pe facility in Paraguay. This setback was largely alleviated by a 0.8% decrease in network difficulties from May.

Riot Platforms’ Defeat

Meanwhile, Riot Platforms attempted to acquire Bitfarms with a $950 million buyout offer in mid-June, which was eventually unsuccessful. Riot acquired a 14.9% share in the firm by June 24, but was unable to increase its investment to 15% or higher. Riot’s attempts to replace three members of Bitfarms’ board of directors were likewise unsuccessful, causing Bitfarms to appoint a new board member to reinforce its defense against the takeover.

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Riot accepted its defeat in a statement issued on June 24, expressing anger over its inability to engage with Bitfarms’ current board about a potential merger. Despite the hurdles, the miner remains committed to growth and operational efficiency, with the goal of establishing a strong position in the competitive Bitcoin mining scene.

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