Key Takeaways:
- Bitfarms increased Bitcoin production by 21% in June, mining 189 BTC and selling 134 for $8.8 million.
- Despite recent growth, production dropped 51% compared to June 2023 due to halving, with an installed hashrate of 11.4 EH/s.
- Riot Platforms’ $950 million acquisition attempt failed; Riot now holds a 14.9% stake, and Bitfarms added a new board member.
In June, Bitfarms increased its Bitcoin production by 21%, mining 189 Bitcoin and selling 134 for $8.8 million.
The company now holds 905 Bitcoin, valued at $57 million.
#Bitfarms Provides June 2024 Production and Operations Update
— Bitfarms (@Bitfarms_io) July 1, 2024
– Earned 189 BTC in June 2024
– Secured additional 120 MW in Pennsylvania with potential to add 8 EH/s in 2025
– Increased installed hashrate to 11.4 EH/s with 10.4 EH/s operational
– Improved corporate energy… pic.twitter.com/sI6rPtaU1L
Despite this growth, production dropped by 51% compared to June 2023 due to the recent halving event. Bitfarms’ installed hashrate grew to 11.4 exahashes per second, a significant year-on-year and month-on-month increase.
The company aims to reach 21 EH/s by the end of 2024.
Bitfarms has been upgrading its mining fleet and expanded its U.S. operations with a new 120-megawatt site in Pennsylvania.
Severe weather in Paraguay affected their operations slightly, though mitigated by a decrease in network difficulty.
Bitfarms mined 189 bitcoin in June, up 21% from previous month https://t.co/FYJ8Lb5fbt
— The Block (@TheBlock__) July 1, 2024
Riot Platforms attempted a $950 million acquisition of Bitfarms in mid-June but was unsuccessful.
Riot acquired a 14.9% stake but failed to increase it or replace board members.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
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