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Leading Bitcoin mining company Bitfarms (TSE: BITF) has announced a significant expansion plan that will triple its hashrate by the end of 2024.
The company has secured nearly 88,000 new high-performance mining rigs, including the latest Bitmain T21 and S21 models, the company announced this week in its March 2024 Production and Operations Update.
These additions build upon Bitfarms' previous purchases, bringing Bitfarms on track to achieve a hashrate of 21 EH/s (exahashes per second) by year-end. This represents a threefold increase from their current capacity.
Geoff Morphy, president and CEO of Bitfarms, emphasized the strategic importance of these upgrades: "Securing these miners is a key part of our strategy to drive rapid and meaningful improvements across three principal operating metrics: hashrate, energy efficiency, and operating costs per terahash."
The new miners boast superior efficiency, consuming 38% less power per unit of hashrate compared to previous models. This focus on efficiency aligns with Bitfarms' commitment to utilizing clean energy sources like hydroelectricity, the firm said.
Positioned for the Bitcoin Halving and Beyond
The expansion plan comes ahead of the upcoming Bitcoin halving, an event expected on/around April 20, which will cut Bitcoin block rewards in half. By significantly increasing its hashrate, Bitfarms aims to maintain profitability despite the reduced rewards.
"As we enter the Halving, we remain focused on our 2024 transformational fleet upgrade and expansion plan... This marks the largest growth in the Company’s history and propels us toward becoming one of the industry leaders in energy efficiency," Ben Gagnon, chief mining officer, said.
While the company experienced a slight decrease in Bitcoin production in March due to infrastructure upgrades and grid management programs, they anticipate reaching 7 EH/s by mid-April.
Bitfarms currently holds $66 million in cash and 806 BTC in its treasury, giving it a total liquidity of $123 million.
