The largest Bitcoin miner to invest 240 million dollars after deduction

North American Bitcoin mining company BitFarms Ltd. has taken a bold step with a $240 million investment to increase its mining capacity.

This update is strategically timed ahead of the Bitcoin halving event, which is expected to take place on April 20, 2024.

Bitfarms' bold leap into Bitcoin magnetism

Bitfarms has confirmed the purchase of new mining equipment as part of its fleet upgrade and expansion plans. Bitfarms President and CEO Geoff Morphy said the company acquired 28,000 Bitmain T21 miners in March.

These miners are acquired through a buy option. Additionally, they found an additional 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners and 740 Bitmain S21 Hydro miners.

“With our 35,888 Bitmain T21 purchases and farm expansion announced in November, these new 87,796 miners are enough to reach 21 EH/s by the end of the year,” added Morphy.

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Bitfarms Chief Mining Officer Ben Gannon shared insights on the immediate impact of fleet upgrades.

As we enter Halving, we will focus on our transformational fleet modernization and expansion plan by 2024, which will triple our capacity to 21 EH/s, increase our target operating capacity by 83% to 440MW and improve our fleet efficiency by 38%. As of 21 W/TH … Bitfarms is well-positioned, with a strong balance sheet, to execute on our growth plans and take advantage of opportunities in the coming bull market and beyond,” Bitfarms Chief Mining Officer Ben Gannon said in a statement.

In addition to announcing its latest update, BitFarms also announced a performance boost in March 2024. Despite challenges such as grid outage programs and the need for facility maintenance, the company saw a 35 percent increase over the previous year.

During this reporting period, Bitfarms successfully mined 286 BTC.

Embracing Efficiency: The New Era for Bitcoin Miners

The broader context of Bitfarms' update comes amid a wave of strategic moves by other major Bitcoin mining companies, such as CleanSpark. In the year In early February 2024, CleanSpark also announced a major investment in mining infrastructure.

As mining costs rise, halving Bitcoin will halve mining rewards, and many believe this will have a major impact on the mining industry. In the year According to a January 2024 study by CoinShares, miners with significant bitcoin holdings and better capitalization tend to fare better in bull markets.

However, those with limited cash reserves and high operating costs per Bitcoin are more vulnerable to Bitcoin price declines.

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“Riot, Marathon, BitFarms and CleanSpark are better off moving to the semis. One of the main problems that miners face is the huge SG&A costs. For miners to break even, the halving will force them to reduce SG and A costs, otherwise they may continue to run at a loss and move to liquidate their HODL balances and other current assets,” CoinShares analysts wrote.