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.
“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.
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.