Bitfarms mined 21% more Bitcoin in June amid Riot takeover attempts

July 1, 2024 Coin Telegraph

Bitfarms increased its online hashrate to 10.4 exahashes per second in June, marking a 39% month-on-month increase.

Bitcoin miner Bitfarms upped its month-on-month Bitcoin (BTC) production by 21% in June whilst fending off attempts of a company takeover by Riot Platforms, one of its biggest competitors.

Bitfarms mined 189 Bitcoin in the month and sold 134 of those Bitcoins for $8.8 million, the firm revealed in a July 1 statement. It now holds 905 Bitcoin, worth $57 million, in its treasury.

However, its Bitcoin production fell 51% compared to June, 2023, due to the latest halving event slicing the block subsidy by 50%.

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Bitcoin miners rise 10% after Trump promises to back US miners

June 12, 2024 Coin Telegraph

Bitcoin Miners

The biggest winners on June 12 were TeraWulf, Hut 8 Mining and Core Scientific.

Bitcoin (BTC) mining stocks soared double digits on Wednesday a day after United States presidential candidate Donald Trump promised to bolster mining operations in the country.

Trump said he wants “all the remaining Bitcoin to be MADE IN THE USA!!!” adding it would help the country be “ENERGY DOMINANT” in a June 12 post, which came shortly after a meeting he hosted with some of the industry’s top executives.

Trump also reportedly told the industry executives that he promised to support the sector should he be elected as president in November.

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Bitfarms Adopts Defensive Measures Against Riot Platforms’ Takeover

June 10, 2024 Bitcoin.com

Acquisition

Bitfarms Ltd. has adopted a shareholder rights plan to protect the integrity of its ongoing Strategic Alternatives Review Process. This plan was unanimously approved by the Board and involves issuing rights to shareholders to prevent unwanted takeovers. Riot Platforms Inc., which owns 11.62% of Bitfarms, made an unsolicited bid to acquire all shares and plans […]

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Halving full effect: Bitfarms crypto mining revenue falls 42% in May

June 3, 2024 Coin Telegraph

Aquisition

The Bitcoin mining firm also blamed “unusually cold temperatures” at its Rio Cuarto facility in Argentina for the fall in Bitcoin production.

Bitfarms’ crypto mining revenue fell 42% in May — the first full month since the Bitcoin halving took effect in mid-April.

The company reported a fall in Bitcoin production, from 263 Bitcoin (BTC) ($18.1 million) in April to 156 Bitcoin ($10.7 million) in May. In a June 3 statement, Bitfarm described it as the “first full month with post-halving economics.”

Similarly, the average amount of Bitcoin that Bitfarms earned per unit of computational power fell 45% from 44 exahashes per second (EH/s) to 24 EH/s.

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Riot Proposes Acquisition of Bitfarms to ‘Create the World’s Largest Publicly Listed Bitcoin Miner’

May 28, 2024 Bitcoin.com

Acquisition

Riot Platforms has announced a proposal to acquire Bitfarms to create “the world’s largest publicly listed bitcoin miner.” This offer includes cash and Riot stock, representing a 24% premium. Despite the initial rejection from Bitfarms’ Board, the proposal will be directly presented to shareholders. Riot asserts that the acquisition will establish a vertically integrated, geographically […]

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Bitcoin Miner Riot Platforms Records Modest Revenue Gain Despite 36% Decrease in Mined BTC

May 3, 2024 Bitcoin.com

Bitcoin

Riot Platforms Inc., an integrated bitcoin mining company, reported revenues exceeding $79.3 million in the first quarter of 2024. The revenue increase was slight, rising from $73.2 million to $79.3 million. Remarkably, this was achieved even as Riot Platforms experienced a 36% decrease in the number of bitcoins mined, down to 1,364. Modest Growth Noted […]

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Bitcoin miner Riot Platforms reports record $211M Q1 net income

May 2, 2024 Coin Telegraph

Bitcoin miner Riot Platforms reports record 1M Q1 net income

Coin Telegraph

Riot’s net income was boosted by a 131% year-on-year increase in Bitcoin’s price despite the cryptocurrency becoming more difficult and expensive to mine.

Bitcoin (BTC) mining firm Riot Platforms reported a $211.8 million net income for Q1 2024 — a company record and a 1,000% increase from the same time last year — but missed analyst revenue estimates.

Riot’s first quarter results released May 1 show minin revenue spiked 55.4% year-on-year to $74.6 million, primarily driven by a 131% increase in Bitcoin’s price.

The firm's total revenue was $79.3 million, fallin 14% short of estimates by research firm Zacks.

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Bitcoin miner Marathon increases 2024 hash rate target to 50 EH/s

April 26, 2024 Coin Telegraph

ASICs

If Marathon reaches its 50 EH/s target, it would mark more than a 100% increase in the firm’s hash rate since the start of 2024.

Bitcoin mining firm Marathon Digital has announced it is increasing its 2024 hash rate target from 35-37 exahashes per second to 50 EH/s, citing expanded capacity after recent acquisitions.

“Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate [...] we now believe it is possible for us to double the scale of Marathon’s mining operations in 2024,” explained Marathon’s CEO Fred Thiel.

Thiel said its target would be “fully funded” as there is no need for the firm to raise additional capital to achieve its new target hash rate.

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Bitcoin mining stocks saw spikes across the board ahead of halving event

April 20, 2024 Coin Telegraph

Coin Telegraph

Riot Platforms' share price outpaced other mining firms in the last 24 hours of the trading week, coinciding with a new Texas mining facility announcement.

Several Bitcoin (BTC) mining firms listed on the Nasdaq stock exchange closed the trading week with a noticeable 24-hour increase in share prices in the lead-up to the Bitcoin halving event.

On April 20, Bitcoin celebrated its fourth-ever halving event, and the date was likely firmly marked in the calendars of Bitcoin mining firms as it can significantly disrupt business operations.

The halving event slashes miner rewards in half for every block they mine. The most recent halving cut down miners' rewards from 6 BTC to 3.125 BTC per block mined.

SEC sues Nova Labs over alleged unregistered crypto securities offerings

Bitcoin halving 2024 — Done and dusted!

April 20, 2024 Coin Telegraph

Coin Telegraph

The landmark occasion sees a reduction in Bitcoin miner rewards, dropping from 6.25 BTC per mined block to 3.125 BTC.

Bitcoin (BTC) has successfully gone through its fourth-ever halving event after posting its 840,000th block, the point at which mining rewards are slashed in half once again.

The event has the crypto community eagerly awaiting what’s next for Bitcoin’s price, with some predictions reaching as high as $250,000.

At the time of publication, Bitcoin’s price is $63,960, up 1.16% over the past 24 hours, as per CoinMarketCap data.

Riot Platforms

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