Bitfarms Ltd (BITF) shares traded lower on Tuesday following the company’s production and operations update for August. The update revealed a decrease in Bitcoin (BTC/USD) mining compared to July. Bitfarms mined 233 Bitcoin in August, down from 253 in July and significantly lower than the 383 mined in August 2022. This decline was attributed to an increase in average network difficulty during the month. Despite the lower production, Bitfarms achieved an average daily mining rate of 7.5 Bitcoin in August. The company sold 147 of the 233 mined Bitcoin for a total of $8.8 million as part of its treasury management practices. Bitfarms’ total Bitcoin holdings increased to 1,103 during the quarter. The company’s operational hashrate reached 11.3 EH/s, showcasing a 102% year-over-year increase. Bitfarms CEO Ben Gagnon highlighted the company’s strategic focus on diversifying operations beyond Bitcoin mining and maximizing long-term shareholder value. This strategy involves vertical integration with power generation, advancements in energy trading capabilities, and securing sites for future expansion. Meanwhile, Riot Platforms Inc (RIOT) sent an open letter to Bitfarms shareholders on Tuesday ahead of the upcoming special shareholder meeting on October 29th. The letter emphasizes the need for independent directors with the experience and expertise to ensure that board decisions are in the best interests of all shareholders. Riot is proposing Amy Freedman and John Delaney as board nominees, replacing co-founders Andres Finkielsztain and Fanny Philip. The proposal has been reduced from three directors to two. Bitfarms shares closed down 0.93% at $2.14 at the time of publication.
Bitfarms Reports Lower Bitcoin Production in August, Riot Platforms Seeks Board Representation
