Bitfarms Achieves Hash Rate Of 1.18 EH/s

Bitfarms Ltd (TSXV: BITF) this morning confirmed that it has broken the 1 EH/s figure in terms of operating hashrate. The milestone for the company follows the installation of over 1,560 new miners at its facilities over the last several days, in connection with its purchase of a total of 4,500 new miners.

After hitting the milestone, the company has indicated that it now aims to have a bitcoin mining capacity of 3.0 EH/s by the end of the year. Commenting on the achievement, CEO Emiliano Grodzki stated, “However, having achieved 1 EH/s, it has only increased my desire and excitement to grow Bitfarms to 3.0 EH/s by the end of 2021, and achieve sustained growth in 2022.

The company has now achieved an operating hashrate of 1.18 EH/s, while being well on its way to a rate of 1.3 EH/s with the latest addition of miners to its operations. This interim target of 1.3 EH/s is to be hit once the installation of the 4,500 new miners is formally completed.

Also announced this morning is the full repayment of term debt amounting to US$20 million following the success of the firms operations. The funds were initially loaned by Dominion Capital in 2019 to the firm, with Bitfarms having now repaid the debt in full.

Bitfarms last traded at $8.06 on the TSX Venture.

Information for this briefing was found via Sedar and Bitfarms Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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