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Bitfarms will buy miners from Bitmain for $95.5 million

Mining company Bitfarms has placed an order for 35,888 Antminer T21 Bitcoin mining devices from Bitmain at a price of $2,660 per unit.

According to the stated data, the transaction amount will be about $95.5 million. Equipment delivery is expected in March-May 2024.

Bitfarms also received an option to purchase an additional 28,000 Antminer T21.

After deploying the purchased installations, the company expects to increase the hashrate to 12 EH/s with an installed capacity of 310 MW in the first half of 2024. By the end of the year, the figures should reach 17 EH/s and 391 MW, respectively.

According to Bitfarms President and CEO Jeff Morphy, “the most attractive prices for equipment since 2020” allowed the company to launch a comprehensive program to modernize the company’s miner fleet. The average energy efficiency of the firm’s equipment should rise to 23 W/TH as a result, he added.

“Our patience has paid off. These next generation T21s are sold at a contract price of $14 per TH at 190 TH/s per unit,” said Bitfarms Director of Mining Ben Gagno.

Bitmain introduced Antminer T21 in October. The installation is slightly inferior in hashrate and energy consumption to the flagship S21 announced in August.

To partially finance the purchase of equipment, Bitfarms will use 60 million Canadian dollars ($44.1 million at the time of writing), raised as a result of an additional private placement of shares.

In April, the company announced the expansion of the capacity of the mining center in Argentina to 100 MW.

Source: Cryptocurrency

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