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 …