What's Going On With Bitfarms Stock Tuesday?

Author: Adam Eckert | September 03, 2024 08:59am

Bitfarms Ltd (NASDAQ:BITF) shares are trading lower. The company on Tuesday announced a production and operations update for August showing that the company generated fewer Bitcoin (CRYPTO: BTC) than it did in July.

What To Know: Bitfarms said it mined 233 Bitcoin in August, down from 253 in July and down from 383 on a year-over-year basis as a result of the increase in average network difficulty during the month. The company noted that it earned an average of 7.5 Bitcoin per day during the month.

Bitfarms sold 147 of the 233 Bitcoin it earned for total proceeds of $8.8 million as part of the company’s regular treasury management practice. The company noted that its total Bitcoin holdings grew to 1,103 during the quarter.

Bitfarms ended the period with an operational hashrate of 11.3 EH/s, up 102% year-over-year.

“By vertically integrating with power generation, advancing our energy trading capabilities, and securing two sites with substantial multi-year expansion potential, Bitfarms is executing a strategy that positions us to diversify our operations beyond Bitcoin mining and maximize long-term shareholder value,” said Ben Gagnon, CEO of Bitfarms.

Riot Platforms Inc (NASDAQ:RIOT) also issued an open letter to Bitfarms shareholders on Tuesday ahead of an upcoming special meeting of shareholders on Oct. 29, stressing the need for “truly independent” directors with the experience and expertise to ensure that decisions reflect what is best for all shareholders.

Riot is proposing Amy Freedman and John Delaney as board nominees, reducing its proposal from three directors to two. Riot wants Freedman and Delaney to replace co-founder Andres Finkielsztain and Fanny Philip.

See Also: Bitcoin Bulls Eye November Rally As Seasonal Patterns Emerge

BITF Price Action: Bitfarms shares were down 0.93% at $2.14 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.

Posted In: $BTC BITF RIOT