Mining Company Bitfarms Orders 35,888 Bitcoin Miners from Bitmain
Mining company Bitfarms has made a purchase of 35,888 Antminer T21 Bitcoin mining devices from Bitmain. The order was placed at a price of $2,660 per unit, resulting in a transaction amount of approximately $95.5 million. Delivery of the equipment is expected to take place between March and May 2024. Additionally, Bitfarms has the option to purchase an additional 28,000 Antminer T21 units.
Increased Hashrate and Mining Efficiency
With the deployment of these new installations, Bitfarms anticipates an increase in its hashrate to 12 EH/s and an installed capacity of 310 MW in the first half of 2024. By the end of the year, they project figures of 17 EH/s and 391 MW respectively. A higher hashrate directly impacts a miner’s profitability and chances of receiving rewards for block creation.
Modernization Program and Financing
The attractive prices for equipment allowed Bitfarms to launch a comprehensive program to upgrade their miner fleet. This initiative will result in improved energy efficiency and lower production costs. To finance the purchase, Bitfarms will use $60 million CAD Canadian dollars raised through a private placement of shares.
Antminer T21: A Powerful Mining Device
The Antminer T21 is designed for mining cryptocurrencies using the SHA-256 algorithm, including Bitcoin. It was introduced by Bitmain in October and offers slightly lower hashrate and energy consumption compared to their flagship S21 model announced in August.
Hot Take: Bitfarms Expands Its Mining Capacity with Major Purchase
Bitfarms is taking a significant step towards expanding its mining capacity with the purchase of 35,888 Antminer T21 Bitcoin mining devices. This acquisition will boost their hashrate and enable them to mine more Bitcoin. The company’s comprehensive program to modernize their miner fleet will improve energy efficiency and lower production costs, positioning them well for future growth. By using funds raised through a private placement of shares, Bitfarms can finance this major purchase. With the delivery of the equipment expected in 2024, Bitfarms is set to increase its mining capabilities and further establish itself as a prominent player in the crypto mining industry.
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