Bitfarms Ups Its Earnings, But Annual Bitcoin Production Drops Over 50% Amidst Attempted Takeover

A recent earnings report from Bitfarms, a prominent player in the cryptocurrency mining sector, highlighted a marked improvement in its financial performance for June.

Cryptocurrency miner Bitfarms recently announced an improvement in its earnings for June. This development comes after a corporate challenge—an attempted takeover by another miner.

Bitfarms increased its earnings in June with a total of 189 Bitcoin mined, according to a press release by the miner on 1 July.

Out of the June earnings, Bitfarms sold 134 BTC for approximately $8.8 million, leaving the miner with 905 Bitcoin in its treasury, valued at around $57 million.

Despite the positive performance in June, a year-over-year comparison provided by Bitfarms revealed a significant drop in productivity.

By this time in 2023, the company had already accumulated 2,520 BTC, while its earnings to date in 2024 have decreased to 1,557 BTC, indicating a decline of over 50%.

This reduction in Bitcoin earnings can be attributed not only to changes in productivity but also to the decrease in BTC miner rewards, which has impacted the overall yield for many in the sector.

June also saw significant corporate activity in the cryptocurrency mining sector, with Riot Platforms and Bitfarms at the center of the action.

Riot Platforms made a substantial buyout offer to acquire Bitfarms for $950 million, an attempt that was ultimately unsuccessful.

However, Riot did manage to secure a 14.9% stake in Bitfarms,dff despite efforts to increase its stake to 15% or more being blocked, keeping its influence just below a more controlling interest.

During the same period, Riot Platforms also aimed to increase its influence within Bitfarms by attempting to replace three members of Bitfarms’ board of directors.

This move was part of Riot’s broader strategy to potentially steer Bitfarms more directly. However, this effort also faced resistance and ultimately failed.

In response to these aggressive maneuvers by Riot, Bitfarms took strategic defensive measures by adding a new member to its board, an action that was likely aimed at strengthening its governance and preventing further takeover attempts.

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