As Bitfarms Try to catch on Despite Riot Platforms’ hostile takeover, the company’s mining operations continue to recover. April Bitcoin Halving.
Bitfarms mined 189 bitcoins last month. Up from 156 Bitcoin in May. It sold 134 of those 189 BTC for $8.8 million. The company now holds 905 BTC in its treasury, up from 850 last month, and worth $55.2 million when the BTC price is $61,000 on June 30, 2024.
“We are making progress on upgrading our fleet and building new facilities, with over 39,000 new miners installed and over 39,000 older miners de-racked,” said Ben Gagnon, Chief Mining Officer. “Upgrades have been completed at all of our facilities in Quebec, significantly increasing our hashrate and improving energy efficiency and gross mining margins across our portfolio.”
Gagnon said the company ended the month with 11.4 EH/s of installed capacity and 10.4 EH/s of operational capacity, up 96% year-over-year and 39% month-over-month.
The 189 bitcoins acquired represented a 21% increase over the previous month, but a 51% decrease over the same period last year due to the April halving event, which occurs every four years. This process reduces the rewards given to miners who verify transactions on the Bitcoin network.
that much Splitting mechanism It was incorporated into the Bitcoin protocol to control the supply of Bitcoin. The reduction in the number of Bitcoins created is expected to continue until the total number of Bitcoins in circulation reaches the maximum limit of 21 million. The halving occurs every 210,000 blocks mined, which takes approximately 4 years.
Bitfarms shares were trading up 4.7% at $2.69 per share at press time. The world’s largest cryptocurrency was up 2.4% at $63,434, according to Bitcoin price data from The Block.
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Jason is the U.S. News Editor for The Block. He previously worked as a staff writer and later as an editor at Benzinga, a financial news and data company. He led Benzinga’s daily market coverage and the publication’s expansion into cannabis, cryptocurrency, and sports betting verticals. He holds a bachelor’s degree in journalism from Central Michigan University and lives in the suburbs of Detroit, Michigan. Follow him on X @JasonShubnell.