Bitfarms Grows Hashrate To 1.3 EH/s With Latest Purchase
Bitfarms Ltd (TSXV: BITF) this morning announced that it has expanded on prior capacity expansions significantly. The company has formally increased its recent order for new MicroBT M31S+ miners from 3,000 units to that of 4,500 units, a 50% increase.
All of the new units sourced by the company are expected to be installed and in production over the course of the next thirty days. The additional miners are expected to improve the firms hashrate by 35% to 1.3 EH/s while using existing infrastructure. Efficiency is also expected to improve by 12.5%.
The improved mining capacity is expected to result in daily production of over 9 bitcoin, with daily production value in excess of US$450,000 based on bitcoin’s recent high of over US$50,000. Gross mining costs meanwhile are reportedly below US$7,000 per coin.
The company has also indicated that it is in the process of beginning phase 2 construction at its facility in Cowanville, one of five sites in Quebec. Upon completion, the site will be capable of 16.7MW of capacity, and able to accommodate 4,700 new miners. The expansion is to also include a repair lab and operations centre, with construction slated to be complete in the second quarter.
Finally, the company revealed that it currently holds over 250 bitcoin via its retention pilot program, which are being added to its balance sheet daily. That figure is slated to grow to over 500 bitcoin within the next 30 days as per the company.
Bitfarms last traded at $5.93 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
