Bitfarms Ltd., a global vertically integrated Bitcoin mining company, has announced the purchase of 4,660 new high-efficiency BTC miners. The miners were purchased for $13.94/TH and have a blended energy efficiency of 28 W/TH. This acquisition is expected to improve Bitfarms’ average energy and operating costs while minimizing capital expenditures. With this transaction, Bitfarms aims to achieve its target corporate hashrate of 6 EH/s by September 30, 2023.
The new miners, which include models such as Bitmain S19 Pro +, Bitmain S19j Pro, and MicroBT M50S+, will be primarily deployed in Argentina and Quebec. In Argentina, 1,500 miners will be added to the existing fleet of 6,200, resulting in an 11% improvement in energy efficiency to 33 W/TH. In Quebec, 3,160 miners will replace less efficient miners and contribute to a 3% improvement in energy efficiency companywide to 37 W/TH. All of the new miners are expected to be online in Q3 2023.
Ben Gagnon, Chief Mining Officer of Bitfarms, stated that the company continues to execute its strategy of accretive growth and judicious capital management. He highlighted the competitive pricing of the transaction and the potential for corporate hashrate expansion.
Bitfarms is a global Bitcoin mining company with operations in Canada, the United States, Paraguay, and Argentina. The company focuses on using sustainable and environmentally friendly energy sources, such as hydroelectric power, for its mining operations. With 10 farms currently in operation, Bitfarms is committed to maximizing operational performance and uptime through its proprietary data analytics system.
Founded in 2017, Bitfarms is a global publicly traded Bitcoin mining company (NASDAQ/TSX: BITF). The company develops, owns, and operates vertically integrated mining farms worldwide, using primarily hydroelectric and long-term power contracts for sustainable and energy-efficient mining. With its focus on accretive growth and capital management, Bitfarms aims to maintain a competitive position in the cryptocurrency mining industry.