Bitfarms Announces Purchase Agreement for 48,000 MicroBT Miners to Expand Hash Rate Capacity by over 5.0 EH and named to TSXV’s Top 50 Listing
TORONTO and BROSSARD, Quebec, March 02, 2021 (GLOBE NEWSWIRE) -- Bitfarms
Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF / OTC:BFARF), one of the largest, oldest and most cost-effective publicly traded bitcoin mining
operations in the world, has undertaken a transformational purchase of 48,000 new miners to increase hashing capacity by approximately 5.0 EH.
The mining equipment has been sourced from MicroBT (https://www.microbtwhatsminerd1.com). MicroBT has become our supplier of choice. Over the past eight months we have acquired over 12,000 of their mining rigs. The MicroBT miners are the most reliable, efficient, and consistent miners within the Company’s fleet. We anticipate the initial shipment of miners to take place on or before January 2022. Thereafter, miners will arrive monthly with the final mining rigs expected to arrive in December 2022. The miners will be installed at our existing and new facilities which are currently in development. In the event market conditions change, Bitfarms has negotiated certain delivery and contract adjustment options.
Once the above-noted miners are fully deployed along with the current and planned addition of new miners in 2021, the production capability of Bitfarms mining fleet is expected to grow from over 1.0 EH at the present time to 3.0 EH by the end of 2021 and then to exceed 8.0 EH by the end of 2022. Utilizing the latest generation of miners, the increase in our hash rate by a factor of eight will increase Bitfarms’ global market share and substantially increase the number of Bitcoins earned on a daily basis. In addition, the subject miners are rated to achieve high levels of performance while consuming less electricity than earlier models. Bitfarms has always been an extremely efficient mining company and with the addition of these productive miners and greater scale, our corporate efficiencies are expected to set a new performance standard.
“This is another great milestone in the history of our company,” said Emiliano Grodzki, CEO of Bitfarms. "With this equipment purchase agreement, Bitfarms is positioned to remain in the top tier of publicly traded crypto mining companies in the world. This purchase and expansion will be the cornerstone of our corporate growth strategy through 2022. The supply of miners will be one of the greatest challenges in for the foreseeable future due to a global shortage of wafers used to create semi-conductor chips which is a vital component in mining rigs. Our strategy will be to continue to grow our own infrastructure and professional operations and conduct mining in our own facilities which increases operational efficiency and profitability,” added Mr. Grodzki.