Bitcoin firm Bitfarms mines 189 BTC in June – Why is this important?

This positive development comes in the wake of a significant corporate challenge—an attempted takeover—which the company successfully managed to fend off.The firm successfully mined 189 BTC in June, substantially improving from the 156 BTC mined in May. Out of the June earnings, it sold 134 BTC for approximately $8.8 million.Despite the positive performance in June, a year-over-year comparison provided by Bitfarms revealed a significant drop in productivity.

However, Riot was able to secure a 14.9% stake in Bitfarms. Efforts by Riot to increase its stake to 15% or more were thwarted, keeping its influence just below a more controlling interest. During the same period, Riot Platforms also aimed to increase its influence within Bitfarms by attempting to replace three members of Bitfarms’ board of directors.

This move was part of Riot’s broader strategy to potentially steer Bitfarms more directly. However, this effort also faced resistance and ultimately failed. In response to these aggressive maneuvers by Riot, Bitfarms took strategic defensive measures by adding a new member to its board.miner revenue, as reported by Glassnode, indicated a sustained decrease following the Bitcoin halving event. This expected reduction halves the reward for mining new Bitcoin blocks.Before the halving, daily revenue from mining operations hovered between 900 and 1,000 BTC. Post-halving, this figure has significantly declined to around 400-500 BTC.

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