Publicly Traded Firm, Bitfarms (BITF), Orders 48,000 MicroBT Bitcoin Mining Machines
Bitfarm is a Canada-based Bitcoin mining company that came to an agreement of buying 48,000 new MicroBT machines-to enlarge their capacity of exahash (EH) or hashrate.
The announcement held on Tuesday reveals that the capacity of hashrate will be expanded to 5 EH/Second from its current 1.0 EH/second.
The implementation of all machines will be completed around Dec 2022. The first batch of the order is expected to deliver by January 2022 and others by the end of that year.
The company would grow its hashrate to 8.0 EH/second when all the machines will have fixed and in force simultaneously. Bitfarms infrastructure will hit 3 EH/second by the end of 2021 and then 8 EH/second in Dec 2022.
Bitfarms generates 5.7 Bitcoins in a day, even with the current capacity of 1 EH per second. The CEO at Bitfarms, Emiliano Grodzki, explained the moto behind the move and said,
”With this equipment purchase agreement, Bitfarms is positioned to remain in the top tier of publicly-traded crypto mining companies in the world.”
“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.”
Other mining firms, especially from North America, also have been placing bulk pre-orders since the last month. The investment in the mining hardware till now is equated to $500 million in which more than 10 firms are involved.