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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.

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  • 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.


NCFA Jan 2018 resize - Bitfarms Ltd. Announces Upgrade to Its Mining OperationsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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