Key Takeaways
- Bitfarms invests $240M to upgrade mining operations ahead of the Bitcoin halving.
- The upgrade aims to triple the hashrate to 21 EH/s and improve efficiency by 38%.
- Despite challenges, Bitfarms increased its hashrate by 35% and mined 286 BTC in March 2024.
Bitfarms Ltd., a North American Bitcoin mining company, is investing $240 million in mining upgrades.
The company aims for a 21 EH/s hashrate by the end of 2024.
This move comes ahead of the anticipated Bitcoin halving event on April 20, 2024.
Fleet expansion and efficiency noost
Bitfarms has acquired 28,000 Bitmain T21 miners and additional equipment to reach its target hashrate.
President and CEO Geoff Morphy states this upgrade will enhance operating efficiency.
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.
Chief Mining Officer Ben Gagnon highlights the plan’s focus on tripling the hashrate and improving fleet efficiency by 38% to 21 w/TH.
As we enter the Halving, we remain focused on our 2024 transformational fleet upgrade and expansion plan, which triples our hashrate to 21 EH/s, increases our targeted operating capacity by 83% to 440 MW, and improves our fleet efficiency by 38% to 21 w/TH. … Bitfarms is well positioned, with a strong balance sheet, to execute on our growth plans and capitalize on opportunities in the upcoming bull market and beyond.
Performance and industry trends
Despite challenges, Bitfarms reported a 35% hashrate increase and mined 286 BTC in March 2024.
The industry is seeing strategic investments, like CleanSpark’s in February 2024.
With the halving set to reduce rewards and increase costs, well-capitalized miners are expected to fare better.
