Bitfarms Paso Pe Bitfarms Paso Pe
Bitfarms is expanding in Paraguay and operating as usual in existing locations in Canada. Bitfarms Twitter Video/Screenshot

KEY POINTS

  • Bitfarms did sell most of the Bitcoins it mined in June amid the halving's impact and falling prices
  • The mining firm earned more BTC in June than in May and added new Bitmain T21 miners in Quebec sites
  • Riot attempted to acquire the mining firm for $950 million, an offer Bitfarms said was an undervaluation

Bitcoin mining firm Bitfarms has been under increasing pressure in recent weeks following a hostile takeover attempt by another crypto miner, Riot Platforms. However, it continues to operate as usual and even managed to earn 189 Bitcoins in the past month.

In its June 2024 production and operations update, the Toronto, Canada-based mining firm said it did suffer "moderate delays and temporary underperformance of miners" due to severe weather conditions in June. Still, it mined 189 BTC. The number is still significantly down from the number of coins mined in the same month last year, but it is higher than the month of May's 156 BTC earned.

On a daily average, the mining firm earned 6.3 Bitcoins in June, which is equal to $384,000 per day, based on a BTC price of $61,000 on June 30.

Other operational improvements include the installation of thousands of new Bitmain T21 miners in three different sites in Quebec, Canada. The company also continues to expand operations in Paso Pe, Paraguay, energizing four of five warehouses and six out of eight hydro containers.

Bitfarms sold 134 of the 189 Bitcoins it mined in the month "as part of the Company's regular treasury management process for total proceeds of $8.8 million." Other companies have also been selling their BTC reserves amid the impact of the digital currency's halving earlier this year and plummeting prices.

Bitfarms' progress comes as the mining firm pushes back against Riot Platforms' hostile takeover attempt. Bitfarms rejected a $950 million acquisition offer by Riot, saying it was an undervaluation of the company.

Last month, it announced the adoption of a shareholder rights plan (poison pill) in a bid to block Riot from taking over the company. The latter had been acquiring stakes in Bitfarms for months, raising concerns about the miner's supposed issues regarding priorities.

Just last week, Riot requisitioned a "special meeting" for Bitfarms shareholders wherein it sought to nominate "three highly qualified, independent directors" whom it said would bring about the much-needed change to the mining firm's board.

Riot has since withdrawn its bid to acquire "all Bitfarms common shares" but hinted that the fight isn't over as it wants to see changes in the "deep-seated problems that have plagued the company."

Meanwhile, Bitfarms has expanded to Sharon, Pennsylvania, in an area it said is "rapidly adding renewable capacity." The expansion comes as the crypto mining industry moves toward renewable energy generation following pressure over the environmental impact of cryptocurrency mining operations.

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