Bitfarms, a Bitcoin miner, has reported a 21% increase in Bitcoin production for the month of June. This increase follows an overall capacity upgrade by the company. In June, Bitfarms produced 189 BTC, up from the 156 BTC it produced in May. The company attributed the increase in production to the upgrade in its capacity, despite facing challenges such as curtailment in Argentina and downtime associated with upgrading its miners in Quebec.
Bitfarms also reported that it sold 71% of the BTC it produced in June, netting $8.8 million as part of its regular Treasury management process. The company currently holds 905 BTC in its Treasury, valued at $55.2 million, with a total of 1,557 BTC produced year-to-date.
In terms of hashrate growth, Bitfarms enhanced its hashrate by 39% to 10.4 EH/s by the end of June. The company’s Chief Mining Officer, Ben Gagnon, mentioned that Bitfarms upgraded its factories to expand hashrate and improve energy efficiency. As a result, the company’s installed hashrate now stands at 11.4 EH/s, with 10 EH/s operational. Bitfarms also improved its energy efficiency to 25 w/TH, achieving a 7.4% month-on-month and 36% year-on-year growth.
Additionally, in June, Bitfarms replaced 39,000 miners with new ones as part of its fleet upgrades and new facility constructions. The company has installed over 39,000 new miners and deracked over 39,000 old miners so far this year. Bitfarms also highlighted its strategic US expansion deal, securing a 120 MW site for High-Performance Computing (HPC) and Artificial Intelligence (AI) in Sharon, Pennsylvania.
The ongoing takeover battle between Bitfarms and its competitor, Riot Platforms, continued in June. Riot, holding about 15% of Bitfarms, called for a special shareholder meeting to nominate three independent directors to Bitfarms’ board as part of its takeover strategy. In response, Bitfarms appointed Fanny Philip as an independent board member, increasing its board to five directors, four of whom are independent. This move is seen as a strategic response to Riot’s takeover attempt.
