Bitfarms reports 21% increase in Bitcoin production amid upgrades and takeover drama

Bitcoin miner Bitfarms reported an summation successful Bitcoin accumulation for June pursuing an wide capableness upgrade.

According to its latest monthly accumulation report, Bitfarms’s BTC accumulation roseate 21% month-on-month to 189 BTC successful June, up from the 156 BTC it produced successful May.

The miner stated that its accumulation was impacted by the curtailment successful Argentina and the downtime associated with upgrading its miners successful Quebec. However, this was partially offset by a 0.8% alteration successful web trouble compared to May.

Meanwhile, the institution sold 71% of the 189 BTC it produced, netting $8.8 cardinal arsenic portion of its regular Treasury absorption process. Despite this, Bitfarms’ Treasury holds 905 BTC, valued astatine $55.2 million, with 1,557 BTC produced year-to-date.

Hashrate growth

The institution revealed that it enhanced hashrate by 39% to 10.4 EH/s arsenic of the extremity of the month. Ben Gagnon, Bitfarms’ Chief Mining Officer, said the steadfast had upgraded its factories to grow hashrate and amended vigor efficiency.

Consequently, the miner accrued its installed hashrate to 11.4 EH/s, with 10 EH/s operational. The miner besides enhanced its vigor ratio to 25 w/TH, achieving a 7.4% month-on-month and 36% year-on-year growth.

Further, helium reported that the institution replaced 39,000 miners with caller ones successful June. Gagnon stated:

“We proceed to marque advancement connected our fleet upgrades and caller installation constructions, having installed implicit 39,000 caller miners and deracked implicit 39,000 aged miners truthful acold this year.”

Additionally, Bitfarms highlighted its strategical US enlargement deal, which saw it unafraid a 120 MW tract for High Performance Computing (HPC) and Artificial Intelligence (AI) successful Sharon, Pennsylvania.

Takeover effort continues

The takeover battle betwixt Bitfarms and its competitor, Riot Platforms, continued to germinate successful June.

Riot, which holds astir 15% of Bitfarms, had called for a peculiar shareholder gathering wherever it wanted to nominate 3 autarkic directors to Bitfarms’ committee arsenic portion of its takeover strategy.

In response, Bitfarms named Fanny Philip arsenic an autarkic committee member, revealing that this assignment accrued its committee to 5 directors, 4 of whom are independent.

The station Bitfarms reports 21% summation successful Bitcoin accumulation amid upgrades and takeover drama appeared archetypal connected CryptoSlate.