Bitcoin mining company Bitfarms has announced plans to invest approximately $240 million in upgrading its Bitcoin mining equipment ahead of the Bitcoin halving in 2024. The company’s main focus is on improving performance and profitability. Bitfarms CFO Jeffrey Lucas stated that the company aims to acquire 88,000 highly efficient Bitcoin miners. Bitfarms has already purchased 35,888 of Bitmain’s Bitcoin Miner T21 and plans to exercise a purchase option for an additional 28,000 T21 miners. They also intend to buy 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 hydro miners. In March 2024, Bitfarms earned 286 BTC through mining, with a monthly operating hash rate of 6.5 exahashes per second (EH/s). This highlights the importance of increasing their hash rate capacity to ensure profitability in Bitcoin mining. Bitfarms has sold most of the Bitcoin it mined in the past two months to reinvest in expanding its mining fleet. The company currently has $66 million in cash and 806 BTC in its treasury, totaling $123 million in liquidity. Lucas emphasized that the success of their upgrade program depends on their operational expertise in achieving industry-leading performance and profitability.
Bitfarms Unveils $240 Million Mining Expansion to Triple Post-Halving Hash Rate