It appears that Bitfarms (TSXV: BITF) has had enough when it comes to measuring up to Hive Blockchain (TSXV: HIVE). Following Hive’s announcement of 10,500 new bitcoin mining rigs yesterday, Bitfarms took things a major step further and announced this morning that it has entered into an agreement to acquire 48,000 new MicroBT mining rigs.
The 48,000 new miners being acquired by Bitfarms will add a total of 5.0 EH/s in processing capacity to its operations, a massive step forward for the firm. The additional capacity is expected to place the firm near a total operational capacity of 3.0 EH/s by the end of 2021, and 8.0 EH/s by the end of 2022.
The rigs however will not start being delivered until next year, with the first shipment to take place on or before January 2022, with mining rigs to then arrive monthly until December 2022. Notably, the company has indicated that certain delivery and contract adjustment options have been included in the purchase in the event that market conditions change.
Notably however, zero details were provided on the financial aspects of the transaction, which given its size should be significant.
Bitfarms last traded at $6.55 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.