In a recent update, Bitfarms revealed a 21% increase in Bitcoin production for June 2024, compared to the previous month.
Despite a 51% decline year-over-year due to the Bitcoin halving event, the company managed to mine 189 Bitcoins and sold 134, generating $8.8 million in revenue.
The company’s installed hash rate rose to 11.4 exahashes per second by the end of June, marking significant progress toward its 21 EH/s goal set for the end of 2024. Bitfarms is expanding in the United States with a new 120 MW site in Sharon, Pennsylvania, aiming to increase its capacity by an additional 8 EH/s.
Bitfarms has officially appointed Fanny Philip to its Board of Directors. Announced on July 1, 2024, Philip’s inclusion brings the total board count to five, with four being independent directors.
Accredited as a Blockchain Technology Specialist, Philip’s expertise is extensive in audit, public company reporting, and mergers and acquisitions strengthening Bitfarms’ strategic direction and management.
Concurrently, Bitfarms is addressing an attempted takeover by Riot Platforms, which has acquired about 15% of Bitfarms’ shares. Riot has included a plan for a special shareholder assembly aimed at nominating 3 directors in its bid.
To enhance its board independence and tackle the constant corporate issues, Bitfarms is adding Fanny Philip to the list of its directors.
Also Read: Bitfarms’ Stock Surges 47% as Riot Takeover Attempt Heats Up
