The price of each device will be $2660. Deliveries are planned from March 2024 to May 2024. With the increased funding, Bitfarms intends to have sufficient liquidity to fulfill its order obligations. Additionally, Bitfarms received the opportunity to buy 28,000 Bitmain T21 ASIC miners.
Bitfarms President and CEO Geoff Morphy explained that thanks to attractive prices for equipment, the company has been gradually upgrading its mining fleet since 2020. The businessman hopes that in 2024 the productivity of the company’s equipment will increase to 21 Eh/s.
“The purchase of 35,888 Bitmain miners, with the option to purchase an additional 28,000 ASIC miners, will help increase our operating capacity by 63%, to 391 MW, and increase the efficiency of mining farms by 34%, to 23 W/Th. We expect this strategy to significantly increase efficiency with lower production costs and a sharp increase in hashrate, putting us well positioned for the upcoming halving,” said the President of Bitfarms.
In the first half of 2024, the company plans to increase the capacity of the mining farm in Paso Pe in Paraguay from 50 MW to 70 MW, as a result of which its operating capacity should increase to 310 MW. By upgrading other farms, Bitfarms aims to increase the hashrate to 12 EH/s in the first half of 2024. This figure will be 90% higher than the current one on November 27, 2023.
In April, Bitfarms received the necessary electricity permits to expand production to 100 MW at its facility in Argentina. This mining farm was opened last year in the city of Rio Cuarto.
Source: Bits
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