BitFarms Announces $240M Mining To Triple Post-Holving Hash Rate Upgrade

Bitcoin (BTC) mining company BitFarms will invest nearly $240 million as it aims to remain profitable after the Bitcoin halving in 2024.

Bitfarms' preliminary work for the Bitcoin halving focuses on performance and profitability. Speaking to Cointelegraph, BitFarms Chief Financial Officer Jeffrey Lucas revealed the company's initiative to buy 88,000 of the most efficient Bitcoin miners.

Bitfarms previously bought 35,888 Bitmain Bitcoin Miner T21. Other efforts include exercising the purchase option to purchase an additional 28,000 T21 miners and 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners and 740 Bitmain S21 Hydro miners.

Bitfarms earned 286 BTC by mining.

In the year In March 2023, the company claims to have mined 424 BTC at 4.8 EH/s – indicating the need for increased hash rate capacity to remain profitable in Bitcoin mining.

BitFarms has sold the bitcoins it has produced over the past two months as it continues to reinvest in growing its mining fleet. Lucas explained the implications of fleet upgrades:

“Transformational fleet upgrade will halve Bitfarms scale and profitability in Bitcoin. This game changer will triple our hash speed to 21 EH/s, increase our target operating capacity by 83% to 440 megawatts (MW) and increase flight efficiency by 40% to 21 W/TH It improves.

Bitfarms holds $66 million in cash and 806 BTC in treasury, worth $56.7 million at a BTC price of $70,400 as of March 31, giving a total of $123 million in liquidity.

“The success of our innovation program rests on our proven ability to leverage our operational expertise to achieve industry-leading performance and profitability,” concludes Lucas.

To learn more about Bitcoin mining, check out Cointelegraph's Beginner's Guide.

Related: Wall Street Funding Changes Bitcoin Mining's Incentive Structure: Report

Texas-based bitcoin miner Giga Energy recently expanded its operations into Argentina to harness energy wasted from “natural gas flares” at oil fields in South America.

Gas flaring is the burning of natural gas associated with oil extraction. Methane is released as part of the process, converting gigabytes into electricity to power Bitcoin miners.

However, the company does not expect to make a profit as it is still waiting to import all the necessary equipment to fully develop mining in the region.

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