As Bitfarms tries to hold off a hostile takeover from Riot Platforms, the company’s mining operations continue to restore following April’s Bitcoin halving.

Bitfarms mined 189 bitcoin last month, up from 156 bitcoin in May. Of that 189 BTC earned, it sold 134 for $8.8 million. The company now holds 905 bitcoins in its treasury, up from 850 last month and worth $55.2 million based on a BTC price of $61,000 on June 30, 2024.

“We continue to make progress on our fleet upgrades and new facility constructions, having installed over 39,000 new miners and deracked over 39,000 old miners so far this year,” said Chief Mining Officer Ben Gagnon. “Upgrades at all of our Quebec facilities are now complete and have significantly expanded our hashrate and improved our energy efficiency and gross mining margins across our portfolio.”

Gagnon noted the company ended the month with 11.4 EH/s installed and 10.4 EH/s operational, which is up 96% year over year and 39% month over month.

The 189 bitcoin earned represented 21% month-over-month growth but is down 51% from the same time last year due to April's halving event, which occurs every four years. This process reduces the reward given to miners for verifying transactions on the Bitcoin network.

The halving mechanism was integrated into Bitcoin's protocol to control the supply of bitcoin. This reduction in the number of bitcoin created is expected to continue until the total number of bitcoin in circulation reaches its maximum limit of 21 million. The halving occurs after every 210,000 blocks are mined, which takes roughly four years.

Bitfarms’ stock was trading higher by 4.7% at $2.69 per share at publication time. The world's largest cryptocurrency was up 2.4% to $63,434, according to The Block's bitcoin price data.

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