Bitfarms Bolsters Bitcoin Mining with 51,908 New ASICs

Bitfarms, a Canadian Bitcoin mining company, has exercised its option to purchase a large number of Bitmain ASIC miners. The purchase includes 28,000 Bitmain T21 ASIC miners, 19,280 additional Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 hydro miners. The total number of ASICs purchased amounts to 51,908. The cost per terrahash (TH) for the Bitmain T21 miners is $14, while the cost for the Bitmain S21 miners is $17.50 per TH. The total investment in these miners is substantial.

The CEO of Bitfarms, Geoff Morphy, explained that the company made this purchase to secure the miners before the anticipated hardware price increases. The ASICs are expected to be delivered this year and will significantly increase Bitfarms’ total hash rate. Currently, each Bitmain T21 ASIC miner costs around $3,000 and has a hash rate of 190 TH/s. The addition of these miners is expected to bring Bitfarms’ total hash rate to 21 exahash per second (EH/s), which represents approximately 3% of the processing capacity of the entire Bitcoin network.

To support its growing mining operations, Bitfarms announced a $375 million equity offering program on March 8. The company plans to use the proceeds primarily for capital expenditures, as well as working capital and general corporate purposes. Bitfarms currently operates 11 Bitcoin mining facilities and has additional developments in Canada, the United States, Paraguay, and Argentina.

Despite the ongoing bull market in cryptocurrencies, Bitfarms’ stock price has fallen by more than 38% this year, along with other companies in the industry. This decline can partly be attributed to the upcoming Bitcoin halving in April, which will reduce miners’ block rewards by half. Bitfarms has been actively expanding its operations in preparation for this event.

Bitfarms, a Canadian Bitcoin mining company, has purchased a significant number of Bitmain ASIC miners. This investment aims to secure the miners before anticipated price increases and will greatly increase Bitfarms’ total hash rate. The company has also announced an equity offering program to support its mining operations. Despite the recent decline in its stock price, Bitfarms remains focused on scaling its operations ahead of the upcoming Bitcoin halving.

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