Bitfarms Reports 21% Increase in Bitcoin Production in June Following Capacity Upgrade

According to its latest monthly production report, Bitfarms's BTC production rose 21% month-on-month to 189 BTC in June, up from the 156 BTC it produced in May.

Bitcoin (BTC) miner Bitfarms (NASDAQ:BITF) has reported an increase in its BTC production for June, following an overall capacity upgrade. The miner also sold a portion of its BTC holdings as part of its regular treasury management strategy.

According to the latest monthly production report, Bitfarms’ BTC production rose 21% month-on-month to 189 BTC in June, up from the 156 BTC it produced in May. However, the miner noted that its production was impacted by the curtailment in Argentina and the downtime associated with upgrading its miners in Quebec. Despite this, a 0.8% decrease in network difficulty compared to May partially offset the impact.

Meanwhile, the company sold 71% of the 189 BTC it produced, netting $8.8 million as part of its regular treasury management process. Despite the sales, Bitfarms’ treasury holds 905 BTC, valued at $55.2 million, with 1,557 BTC produced year-to-date.

Hashrate Growthстики

The company revealed that it had enhanced hashrate by 39% to 10.4 EH/s as of the end of the month. Ben Gagnon, Bitfarms’ Chief Mining Officer, said the firm had upgraded its factories to expand hashrate and improve energy efficiency.

“Our hashrate increased by 39% to 10.4 EH/s at the end of June, up from 7.5 EH/s at the beginning of the quarter. We continue to upgrade our factories to increase hashrate and improve energy efficiency, with our installed hashrate now at 11.4 EH/s, of which 10 EH/s is currently operational,” Gagnon said in the report.

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

“We continue to make progress on our fleet upgrades and new facility constructions, having installed over 39,000 new miners and deracked over 39,000 old miners so far this year,” Gagnon added.

Furthermore, the company highlighted its strategic US expansion deal, which saw it secure a 120 MW site for High Performance Computing (HPC) and Artificial Intelligence (AI) in Sharon, Pennsylvania. The site is expected to house 50,000 new miners upon completion.

Takeover Attempt Continues

The takeover battle between Bitfarms and its competitor, Riot Platforms (NASDAQ:RIOT), continued to evolve in June.

Riot, which holds about 15% of Bitfarms, had called for a special shareholder meeting where it wanted to nominate three independent directors to Bitfarms’ board as part of its takeover strategy.

In response, Bitfarms named Fanny Philip as an independent board member, revealing that this appointment increased its board to five directors, four of whom are independent.

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