Bitfarms to Acquire 48,000 New Bitcoin Miners, Expanding Hashing Capacity to 8 EH by 2022

Bitfarms to Acquire 48,000 New Bitcoin Miners, Expanding Hashing Capacity to 8 EH by 2022

Bitfarms, a prominent Canadian cryptocurrency mining company, has announced plans to acquire 48,000 new mining rigs over the next two years, significantly boosting its hashing capacity. The company has secured these mining rigs from Chinese supplier MicroBT, aiming to increase its hashing power by 5 exahashes (EH), bringing its total capacity to 8 EH by the end of 2022. This expansion is part of Bitfarms’ broader strategy to enhance its Bitcoin mining operations and contribute to the growth of the decentralized finance (DeFi) economy.

Founded in 2017, Bitfarms currently operates with a hashing capacity of 1 EH, but with the addition of new miners, it expects to see a 200% increase in its total capacity by the end of 2021. Hashing capacity refers to the amount of computing power dedicated to solving complex cryptographic puzzles in order to mine Bitcoin and other cryptocurrencies, which directly impacts the number of coins a mining operation can produce.

Expansion Plan and Timeline for New Mining Rigs

The first shipment of mining rigs from MicroBT is expected to arrive on or before January 2022, with the final batch of miners scheduled for delivery by December 2022. The new equipment will be installed at both existing and new mining facilities, which Bitfarms is currently working on expanding. In the past eight months, the company has already received over 12,000 mining rigs from MicroBT, which have been credited with improving the efficiency and safety of Bitfarms’ operations.

Bitfarms has also made previous investments in Whatsminer M31S mining rigs, acquiring 1,000 units and planning to purchase an additional 3,000 units of the upgraded Whatsminer M31S+ model. These investments will contribute to the firm’s goal of reaching 3.0 EH by the end of 2021, and ultimately, it aims to achieve a total hashing capacity of 8.0 EH by the end of 2022.

Driving DeFi Growth Through Increased Hashing Power

Bitfarms believes that increasing its hashing capacity will significantly contribute to the growth of the decentralized finance (DeFi) economy. The company views its expanding fleet of mining rigs as a critical factor in driving the daily Bitcoin production, which can, in turn, foster the growth of DeFi applications. Emiliano Grodzki, CEO of Bitfarms, emphasized that securing a reliable supply of mining rigs is one of the company’s biggest challenges. With the global shortage of mining chips impacting the entire industry, Bitfarms is working diligently to secure the necessary equipment to fuel its expansion.

By increasing its mining fleet, Bitfarms is positioning itself to take advantage of the growing demand for Bitcoin and other cryptocurrencies. As Bitcoin continues to gain recognition as a store of value and an essential asset for institutional and retail investors, the company’s expanded hashing capacity will enable it to mine more Bitcoin, strengthening its position in the market.

Bitfarms’ Hydro-Energy-Powered Operations in Quebec

Bitfarms operates five industrial-scale mining facilities, all powered by hydroelectric energy in Quebec, Canada. This focus on renewable energy is a key part of the company’s strategy, as it helps reduce operational costs and contributes to the sustainability of its operations. The use of hydroelectric power allows Bitfarms to lower its carbon footprint while simultaneously taking advantage of Quebec’s low-cost energy infrastructure.

The company’s commitment to sustainability and eco-friendly practices aligns with the growing interest in environmentally conscious mining operations, as the crypto industry increasingly faces scrutiny over its energy consumption. By leveraging renewable energy sources, Bitfarms is positioning itself as a leader in the sustainable cryptocurrency mining space.

Bitfarms’ Public Listing and Future Growth

Bitfarms made headlines in July 2019 when it became the first Bitcoin mining company to complete a long-form prospectus with the Ontario Securities Commission and began trading on the Toronto Stock Exchange. This move marked a significant milestone for Bitfarms, offering investors a chance to gain exposure to the Bitcoin mining industry through a publicly listed company.

The recent plans to expand its mining fleet and hashing capacity further demonstrate Bitfarms’ commitment to growth and innovation. As the company continues to invest in cutting-edge mining technology and sustainable operations, it is well-positioned to remain a key player in the cryptocurrency mining industry.

Conclusion: Bitfarms Expands to Meet Growing Demand in Crypto Mining

In conclusion, Bitfarms’ decision to acquire 48,000 new mining rigs is a bold move that will significantly enhance its hashing capacity and contribute to the expansion of the DeFi economy. With its focus on sustainability, efficient operations, and strategic investments in mining equipment, Bitfarms is well on its way to becoming a dominant player in the cryptocurrency mining industry. The company’s commitment to increasing its hashing power and mining production will allow it to meet the growing demand for Bitcoin and other cryptocurrencies, positioning it for long-term success.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.