Bitfarms Mining Operations Thrive Amid Hostile Takeover Battle

Bitfarms, a leading cryptocurrency mining company, is facing a hostile takeover attempt from Riot Platforms as it continues to see growth in its mining operations. Despite the challenges, Bitfarms managed to mine 189 bitcoins last month, up from 156 in May, and sold 134 for $8.8 million.

The company now holds 905 bitcoins in its treasury, valued at $55.2 million based on the current BTC price. Chief Mining Officer Ben Gagnon highlighted the progress in fleet upgrades and new facility constructions, with over 39,000 new miners installed and old ones deracked this year.

Bitfarms ended the month with 11.4 EH/s installed and 10.4 EH/s operational, marking a significant increase in hashrate and energy efficiency. The 21% month-over-month growth in mined bitcoins is a positive sign, although it is down 51% from the previous year due to the Bitcoin halving event in April.

The halving mechanism, designed to control the supply of bitcoin, reduces the reward for miners every four years until the total circulation reaches 21 million. Despite the challenges, Bitfarms’ stock was trading higher at $2.69 per share, reflecting the positive sentiment in the market.

Overall, Bitfarms’ resilience in the face of a hostile takeover bid and the challenges of the halving event showcase its commitment to growth and innovation in the cryptocurrency mining industry.