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Highlights
- Bitfarms purchased over 87,000 Bitcoin miners.
- The hardware will boost total capacity to 21 EH/s this year.
- The company highlights expansion plans ahead of the halving.
Bitcoin miner, Bitfarms has acquired 87,796 miners to boost efficiency and production ahead of the halving event.
In an April 2 social media post on X (formerly Twitter), Bitfarms announced the acquisition of new miners, future farm expansion plans, and a roadmap towards improved capacity this year. According to the release, the acquisition is for greater operational capacity which will see 21 EH/s by the end of the year.
Having confirmed the tremendous performance of our T21 miners currently running, and with #Bitcoin prices reaching all-time highs, we acted quickly to secure these miners at attractive prices in advance of anticipated hardware price increases. Together, with our 35,888 Bitmain… pic.twitter.com/tmZw9nR6Md
— Bitfarms (@Bitfarms_io) April 2, 2024
Bitcoin Halving and Price Surge Drives Miners
The team took the bold step following the success of present T21 miners and farm expansion plans aligning it for the upcoming Bitcoin halving.
“Together, with our 35,888 Bitmain T21 purchases and farm expansions announced in November, these new 87,796 miners are sufficient to reach 21 EH/s by year-end, with greater operating efficiency.”
The price of Bitcoin also led to the decision to acquire large miners. With the asset price soaring to all-time highs, Bitfarms purchased the miners before the increase in hardware. Following the buzz around Artificial Intelligence (AI) and miners’ race towards halving, there is a rush for hardware components used in both fields leading to a price surge. Last month, it was reported that crypto miners are scrambling for computing hardware to the extent of acquiring used machines from the United States.
Bitfarms Look Towards Expansion
Like most Bitcoin miners, Bitfarms has stressed expansion in the wake of surging asset prices and increasing adoption from several jurisdictions. The move remains a key part of its threefold strategy for mining improvement in the sector.
“These orders solidify our expansion plan for 2024 and provide the pathway to operating one of the newest and potentially most efficient mining fleets in the industry. Securing these miners is a key part of our strategy to drive rapid and meaningful improvements…”
Improving hashrate, energy efficiency, and operating cost per terahash to expand mining margins was included in the release as the Bitfarms plans for the future. Finally, the company noted that it is well-positioned to capitalize on the present market bull run.
Bitcoin miners continue to dominate market narratives with flows into exchanges from mining reserves as they position towards reduced mining rewards.
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