Bitfarms on Tuesday reported a drop in Bitcoin (BTC) production in August, attributed to an increase in average network difficulty during the month.
The company generated 233 BTC in August, down from 253 BTC in July and 383 BTC in August 2023.
Bitfarms sold 147 BTC, surpassing the 142 BTC sold in July but down from the 323 BTC sold in August 2023.
The company announced the acquisition of Stronghold Digital Mining, increasing its 2025 energy portfolio by 47%.
In addition, Bitfarms took control of its first mega-plant in Sharon, Pennsylvania, with access to up to 120 megawatts of power.
‘By vertically integrating with power generation, enhancing our power trading capabilities and securing two sites with significant multi-year expansion potential, Bitfarms is executing a strategy to diversify our operations beyond Bitcoin mining and maximise long-term shareholder value,’ said chief executive Ben Gagnon.
Separately, Nasdaq-listed Riot Platforms sent an open letter to Bitfarms shareholders ahead of the 29 October special meeting, calling for changes to the company ‘to fix governance and enhance value for all shareholders’.
Riot Platforms, Bitfarms‘ largest shareholder with a 19.9 per cent stake, reduced its proposed slate of new directors from three to two, citing Bitfarms’ recent moves in response to public pressure from Riot.
‘The Bitfarms board should not enter into any funding transactions before the special meeting,’ Riot Platforms said in the letter. ‘Riot is deeply concerned that any transaction that the current Bitfarms board pursues will be detrimental to all Bitfarms shareholders when there are other more attractive financing options available.’
Riot Platforms warned that it ‘will not hesitate to hold the current directors personally liable’ if the Bitfarms board ‘insists on taking any such action to further entrench itself at the expense of shareholders’.
Bitfarms shares fell $0.17 to $2.74 on the Toronto Stock Exchange.
Price: $2.74, Change: -0.18, Percentage change: -6.01