Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Bitfarms Ltd. Announces Upgrade to Its Mining Operations
Bitcoin Mining | Nov 28, 2023
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Bitfarms Ltd., a Canadian-based and publicly traded on NASDAQ and TSX, a leading global bitcoin mining company, recently announced a significant upgrade to its mining operations to boost the company's operational capacity and efficiency.
The upgrade involves the acquisition of 35,888 Bitmain T21 miners, with an option for an additional 28,000 units, potentially elevating Bitfarms' operational capacity to an impressive 17 EH/s and 391 MW by the second half of 2024.
See: One of Biggest Bitcoin Mining Firms in Canada, Bitfarms, to Adjust HOLD Strategy
- Last week, Bitfarms announced a $60 million Canadian private placement with U.S. institutional investors with the net proceeds from this private placement earmarked for the acquisition of new miners, expansion of infrastructure, and enhancement of the company's working capital.
- Bitfarms' purchase of 35,888 Bitmain T21 miners, priced at $2,660 each, enables unparalleled efficiency and mining power. This upgrade aligns with the upcoming bitcoin halving in April 2024, an event that typically triggers increased market activity and valuation fluctuations.
- The new T21 miners boast a highly efficient 3 Phase 415v PSU and High Energy Mode, aligning with global shifts towards sustainable mining practices.
Third Quarter 2023 Results
Bitfarms Ltd.'s financial results for the third quarter of 2023 highlights the company's earnings of 1,172 BTC, an increase in hashrate to 6.1 EH/s, and the development of operating capacity to 290 MW in Q1 2024. The report also covers the company's strategic expansions and upgrades in its mining operations, including the use of renewable power in Québec and low-cost energy in Latin America.
Importance of the Upgrade
Bitfarms Ltd.'s strategic upgrade demonstrates a forward-thinking approach, balancing technological advancement with environmental responsibility. This move not only prepares Bitfarms for the upcoming challenges in the cryptocurrency world but also sets a new benchmark for others in the industry.
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