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Bitfarms has announced a substantial investment of nearly $240 million to upgrade its Bitcoin mining equipment, with the goal of tripling its hash rate post-Bitcoin halving in 2024. With $66 million in cash and 806 BTC in its treasury, totaling $123 million in liquidity as of March 31, Bitfarms is strategically positioning itself for sustained profitability in the evolving landscape of Bitcoin mining.
The investment focuses on acquiring 88,000 highly efficient Bitcoin miners, including models such as Bitmain’s T21 and S21 series. This effort aims to significantly boost Bitfarms’ operational capacity, hash rate, and efficiency. By March 2024, Bitfarms had mined 286 BTC with a monthly operating hash rate of 6.5 exahashes per second (EH/s), showcasing the necessity of increasing hash rate capacity to ensure profitability.
Bitfarms plans to reinvest proceeds from Bitcoin sales into expanding its mining fleet. The transformational upgrade is projected to triple Bitfarms’ hash rate to 21 EH/s, increase targeted operating capacity by 83% to 440 megawatts (MW), and enhance fleet efficiency by 40% to 21 w/TH.
Jeffrey Lucas, Bitfarms’ chief financial officer, emphasized the significance of operational expertise in achieving industry-leading performance and profitability. This investment underscores Bitfarms’ commitment to maintaining competitiveness in the rapidly evolving Bitcoin mining sector.
In a separate development, Texas-based Bitcoin miner Giga Energy has expanded its operations into Argentina, leveraging wasted energy from natural gas flaring in the nation’s oil fields. Giga Energy converts methane released during the gas flaring process into electricity to power its Bitcoin mining rigs. However, the firm anticipates challenges in achieving profitability until all necessary equipment is imported to fully scale its mining operations in the region.
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