Bitfarms Boosts Bitcoin Production Despite Riot Takeover Attempt

Bitfarms, a Bitcoin mining company, increased its Bitcoin production by 21% in June, reaching 189 BTC mined. This was achieved despite a failed takeover attempt by competitor Riot Platforms. Bitfarms successfully defended its independence, thwarting Riot's attempts to acquire a majority stake and replace board members. This success coincided with a 39% increase in online hashrate to 10.4 EH/s, bringing Bitfarms closer to its 2024 target of 21 EH/s. Despite a 51% decrease in Bitcoin production compared to June 2023 due to the Bitcoin halving event, Bitfarms' focus on updating its fleet with newer, more efficient miners has significantly expanded its hashrate and improved energy efficiency. This growth is further fueled by the expansion of operations in the United States, with a new 120-Megawatt site in Sharon, Pennsylvania, expected to contribute an additional 8 EH/s. Although Paso Pe facility in Paraguay was impacted by severe weather, Bitfarms remains on track to meet its production goals.