As Bitfarms continues to fend off a hostile takeover from Riot Platforms, the company’s mining operations have shown significant recovery and growth following April’s Bitcoin halving event.
Bitfarms mined 189 Bitcoin in June, a 21% increase from the 156 Bitcoin mined in May. This boost reflects the company’s ongoing efforts to enhance its mining capabilities.
Out of the 189 Bitcoin mined, Bitfarms sold 134 BTC for $8.8 million. The company now holds 905 Bitcoins in its treasury, up from 850 Bitcoins last month. Based on the Bitcoin price of $61,000 as of June 30, 2024, the total value of Bitfarms’ Bitcoin holdings is approximately $55.2 million.
Chief Mining Officer Ben Gagnon reported significant progress in fleet upgrades and new facility constructions. Over 39,000 new miners have been installed, and an equal number of old miners have been decommissioned this year. Upgrades at all Quebec facilities are now complete, significantly expanding Bitfarms’ hashrate and improving energy efficiency and gross mining margins across its portfolio.
Bitfarms ended June with 11.4 exahashes per second (EH/s) installed and 10.4 EH/s operational. This represents a 96% year-over-year increase and a 39% month-over-month increase in operational hashrate.
The 189 Bitcoin mined in June shows a 21% month-over-month increase but a 51% decrease from last year due to April’s halving event. Halving, occurring roughly every four years, cuts the reward for verifying transactions, controlling Bitcoin’s supply until it reaches the 21 million limit.
Bitfarms’ stock was trading 4.7% higher at $2.69 per share at the time of publication. Meanwhile, Bitcoin, the world’s largest cryptocurrency, was up 2.4% to $63,434, according to The Block’s Bitcoin price data.
Bitfarms’ notable increase in Bitcoin production and strategic upgrades demonstrate its resilience and adaptability in the evolving cryptocurrency mining landscape. The company’s proactive measures to enhance efficiency and capacity underscore its commitment to maintaining a competitive edge in the market.
