Bitfarms Hits Hashrate Milestone Of 7 EH/s For Bitcoin Mining

Bitfarms Ltd (TSX: BITF) is reporting this morning that it has reached a new milestone in computing power. The company has managed to achieve a hashrate of 7 EH/s, following recent installations of bitcoin miners at its facilities.

The milestone was achieved following 5,000 Bitmain T21 miners being placed into operations at its operations in Quebec, with 3,168 miners installed at the Garlock facility, and a further 1,710 T21’s installed at the Farnham facility, along with 100 M53S+ miners.

Installation of further miners is expected to continue, with Bitfarms expecting the delivery of over 30,000 more T21 miners in the current quarter across its facilities. The company is currently targeting 21 EH/s of installed capacity by the end of the year.

“Our Bitmain miner installations kickstart our transformative fleet upgrade and have improved energy efficiency by approximately 51% at both our Garlock and Farnham farms,” commented CEO Geoff Morphy.

In March 2024, operating with a capacity of 6.5 EH/s, Bitfarms managed to produce 286 bitcoin.

Bitfarms last traded at $2.62 on the TSX.

Information for this briefing was found via Edgar and the sources 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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