Bitfarms Mines 21% More Bitcoins in June

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As Bitfarms faces a potential takeover bid from Riot Platforms, the company’s mining operations have been steadily recovering since the Bitcoin halving in April.

Last month, Bitfarms was able to mine 189 Bitcoins, an increase from the 156 mined in May. Of those 189 BTC, 134 were sold for $8.8 million. This brings the company’s total Bitcoin holdings in its treasury to 905, valued at $55.2 million based on the price of $61,000 per BTC on June 30, 2021.

Chief Mining Officer Ben Gagnon stated that progress has been made on upgrading the mining fleet and constructing new facilities. So far this year, 39,000 new miners have been installed and 39,000 old miners have been deracked.

All of the company’s facilities in Quebec have been upgraded and have resulted in a significant increase in hashrate, energy efficiency, and gross mining margins across their portfolio.

Gagnon also mentioned that Bitfarms ended the month with 11.4 EH/s installed and 10.4 EH/s operational, a 96% increase from the previous year and 39% increase from the previous month.