Bitfarms Ltd. (TSXV: BITF) announced this morning that the company has increased its corporate hashrate to 1.6 EH/s. This comes after the firm expanded its operations at its Quebec facility and the installation of new mining machines.
The cyrpto miner expanded its facility in Cowansville, Quebec to a new 17 MW facility, replacing the first 4 MW facility constructed in 2017.
The firm has also installed an additional 450 Bitmain S19j Pro miners on top of the redeployment of existing miners at the facility.
“Bitfarms is committed to developing the cost-effective infrastructure to support the 55,000 new generation Bitcoin mining machines scheduled to be delivered between now and the end of 2022,” said Bitfarms CEO Emiliano Grodzki. “Cowansville broadens our footprint in Canada and marks our first new capacity build-out in Québec in 2021. This is one of many projects that excite us about our growth opportunities and supports our goal of achieving 3 EH/s by the end of first quarter of 2022 and 8 EH/s by the end of 2022.”
Further, the firm is still expecting to receive its previously ordered 5,030 Bitmain S19j Pro and 700 MicroBT M30S miners in Q4 2021. Grodzki added, “With scheduled monthly deliveries totaling 55,000 miners over the next 15 months and new high-power production facilities coming online, we are regularly increasing our hashrate towards our goals of 3 exahash per second (EH/s) in first-quarter 2022 and 8 EH/s by year-end 2022.”
The company previously reported that it has mined 1,050 bitcoin in Q3 2021.
Bitfarms Ltd. last traded at $6.36 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.