Bitfarms Acquires Additional Miners, Pushing Capacity To 2.5 EH/s By Year End

Bitfarms (TSXV: BITF) continued to plod along its path of becoming the largest public bitcoin miner this morning. The company has announced that it has entered arrangements to acquire an additional 6,600 crypto miners from Bitmain.

The arrangement will see the company acquire a total of 6,600 S19j Pro Antminers from Bitmain, with delivery expected to commence in August 2021 and continue through to the end of October. A total of 2,200 miners are to be delivered on a monthly basis, with the total order expected to add 660 PH/s in computing power to the firms operations.

Upon final installation, and in combination with 393 PH/s worth of previously announced miners to be delivered, Bitfarms is expected to achieve a total computing capacity of 2.5 EH/s. Under current market conditions that would translate to approximately 15.5 BTC per day of production.

Financial details of the transaction were not provided. The company currently has a target capacity of 3.0 EH/s by the end of the year, and a target of 8.0 EH/s in capacity by the end of 2022.

Bitfarms last traded at $6.51 on the TSX Venture.

Information for this briefing was found via Sedar and the companies mentioned. 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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