At the end of the first quarter, Canadian mining company Bitfarms expanded its fleet of digital asset mining equipment by 51,908 devices.

Bitfarms President and CEO Geoff Morphy assured that the new acquisitions will allow the company to solve several problems. Firstly, timely update and expand the number of installations in anticipation of the expected increase in equipment prices. And also guarantee that the company will be able to achieve a hashrate of 21 EH/s by the end of the year without the need to redistribute old mining devices.

“We plan to achieve meaningful improvements in three key operating metrics: hashrate, energy efficiency and terahash operating costs, with strong potential for Bitcoin price growth and mining profitability to rise,” Morphy added.

Bitfarms currently has 11 operating Bitcoin farms in four countries: Canada, USA, Paraguay and Argentina. Two more facilities intended to house mining equipment are at the design and construction stage. As of early April, the total fleet of Bitfarms mining equipment reached 87,796 devices.

Previously, Bitfarms, which specializes in bitcoin mining, announced the acquisition of a land plot in Paraguay, where a new mining complex with a capacity of up to 100 MW will be located.