Bitcoin mining company Bitfarms saw a 21% increase in its Bitcoin production in June as it successfully defended itself against a takeover attempt by one of its main competitors, Riot Platforms.
In a July 1 statement, Bitfarms revealed that it mined a total of 189 Bitcoin in June and sold 134 of them for $8.8 million. The company now holds 905 Bitcoin, with a value of $57 million, in its treasury.
However, due to the halving event in May that reduced the block subsidy by 50%, Bitfarms’ production decreased by 51% compared to the previous month of June 2023.
Despite this, the Canadian-based miner managed to increase its installed hashrate to 11.4 exahashes per second in June, with 10.4 EH/s online.
The company remains on track to reach its goal of 21 EH/s by the end of 2024. This marks a significant 96% increase compared to the previous year and a 39% increase compared to the previous month.
