Bitfarms Boosts Bitcoin Production by 21% and Expands in U.S.

As a seasoned crypto investor with a keen interest in Bitcoin mining operations, I’m always on the lookout for promising developments within the industry. Bitfarms’ recent update has caught my attention, and here’s why.

Bitfarms announced a notable boost in Bitcoin mining output for the month of June 2024, with a 21% rise compared to the production figure from the preceding month.

Although a 51% decrease in Bitcoin production occurred from the previous year as a result of the halving event, the firm successfully mined 189 Bitcoins and subsequently sold 134 of them, earning a revenue of $8.8 million.

As a researcher studying Bitfarms’ mining operations, I can report that the company’s hash rate reached a new milestone of 11.4 exahashes per second by the close of June. This marked substantial advancement towards Bitfarms’ target of achieving a hash rate of 21 exahashes per second by the end of 2024. In line with this growth strategy, the company is broadening its presence in the US through a new 120 MW mining site based in Sharon, Pennsylvania. This expansion is expected to add an additional 8 exahashes per second to Bitfarms’ capacity.

On July 1, 2024, I came across the news that Fanny Philip has been appointed as a new member of Bitfarms’ Board of Directors. This addition now brings the total number of board members to five, with four being independent directors.

As a certified Blockchain Technology Specialist, Philip brings substantial experience in the areas of auditing, public company reporting, and mergers and acquisitions to Bitfarms. His skills significantly contribute to shaping Bitfarms’ strategic plan and effective management.

Currently, Bitfarms is dealing with an attempted takeover from Riot Platforms, who have purchased approximately 15% of Bitfarms’ shares. In their proposal, Riot has proposed holding a special shareholder meeting to appoint three new directors as part of their bid.

To strengthen its board’s independence and address ongoing corporate matters, Bitfarms has announced the appointment of Fanny Philip as a new director.

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2024-07-02 05:40