Bitfarms Ltd., a global Bitcoin mining company, has announced that its operational hashrate has reached a new high of 5.3 EH/s, representing a 6% increase from May 31, 2023. This increase in hashrate is due to the installation of 2,982 MicroBT miners at Bitfarms’ Rio Cuarto farm in Argentina. These miners have contributed an additional 290 PH/s to the company’s capacity, bringing the total operating capacity to 207 MW.
Bitfarms’ Chief Mining Officer, Ben Gagnon, stated that with the new installations, the operating capacity at the Rio Cuarto farm has increased to 29 MW. An additional 3,300 miners are en route to Rio Cuarto and will be installed in July, further improving production and energy efficiency at the facility.
Jeff Lucas, Chief Financial Officer of Bitfarms, noted that the company’s strategy of accretive growth is progressing smoothly. The competitively priced miners, combined with high energy efficiency and low-cost electricity, are expected to generate a rapid return on investment, reduce operating costs per TH, and improve cash flow.
Bitfarms, founded in 2017, owns and operates vertically integrated mining farms across four countries: Canada, the United States, Paraguay, and Argentina. The company is committed to using sustainable and locally based energy infrastructure, with a focus on predominantly environmentally friendly hydro-electric power.
Overall, the increase in Bitfarms’ operational hashrate demonstrates the company’s commitment to growth and efficiency in the Bitcoin mining industry. With its expanding capacity and focus on sustainable energy solutions, Bitfarms is well-positioned for continued success in the market.