A global leader in Bitcoin mining, Bitfarms has announced the purchase of 51,908 Bitmain ASIC miners to boost its processing capacity.
The acquisition includes 28,000 T21 ASIC miners at $14 per TH, and 3,888 S21 miners at $17.50 per TH. The total investment is significant, given the retail cost of T21 miners at $3,000, securing the firm’s hash rate at 21 EH/s, around 3% of Bitcoin network capacity.
CEO Geoff Morphy, stated, “These miners are scheduled to be delivered in 2024, we believe they are sufficient to reach 21 EH/s in 2024 without a redeployment of our older miners, which we intend to liquidate to help offset the cost of new miners.”
The company recently initiated a $375 million equity offering program, intending to use proceeds for capital expenditures, supporting existing mining operations, and general corporate purposes.
Despite a challenging market, with a 38% stock decline in 2024, Bitfarms strategically expands amid the impending Bitcoin halving in April, actively scaling operations to navigate reduced block rewards.
The company plans to utilize the recently announced $375 million equity offering for capital expenditures and operational growth across its 11 mining facilities in Canada, the United States, Paraguay, and Argentina.
Bitfarms strategically acquires 51,908 Bitmain ASIC miners and positions itself well for sustained growth and operational expansion despite market challenges, gearing up for the upcoming Bitcoin halving.
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