In June, Canadian Bitfarms increased its hashrate to 11.4 exahashes per second, up 39% month-on-month. As a result, the company mined 21% more bitcoins.
Bitfarms mines more bitcoins
Bitfarms mined 189 bitcoins in June. It sold 134 of them for $8.8 million, according to documents released July 1. It currently has 905 bitcoins in its vault, worth $57 million.
On a monthly basis, everything looks good. Except that the number of bitcoins mined by mining pools fell by 51% compared to June 2023. This can of course be blamed on the halving.
The Canadians’ hashrate has increased to 11.4 exahashes per second. The company wants to reach a target of 21 EH/s by the end of the year. The current jump already means an increase of 96% year-on-year and 39% month-on-month.
Bitfarms has focused on updating its mining rigs so far this year, installing around 39,000 new machines and taking the same number of older ones offline, Ben Gagnon, the company’s director of mining, confirmed to the media.
(This) significantly expanded our hashrate and improved our energy efficiency and gross mining margins across our portfolio
– added.
Bitfarms also expanded its operations in the United States with a 120-megawatt plant in Sharon, Pennsylvania, which will support an additional 8 EH/s once installed. Mining operations at its Paso Pe facility in Paraguay have been curtailed due to “challenging weather conditions.”
Riot Platforms Takeover Attempts
Recently, another market player, Riot Platforms, tried to acquire Bitfarms, offering a price of $950 million for the company’s infrastructure. Ultimately, the purchase failed.
(It is) clear that establishing cooperation with the current management of Bitfarms (…) is simply impossible
– Riot said in a statement on June 24.
Riot did manage to buy a 14.9% stake in Bitfarm, though. Attempts to acquire an additional 15% were blocked.
