Bitfarms, one of the world’s largest listed bitcoin miners, has promised to acquire 48,000 new miners over the next two years.
The Canadian mining company has reportedly bought equipment from the Chinese supplier MicroBT to increase retail capacity by 5 EH (exahashes). Bitfarms was founded in 2017 and currently has 1 EH capacity. By the end of 2021, it aims to increase by 200%.
Hash power is the amount of pure computing power that can be used to extract bitcoin or cryptocurrency.
The company expects that the first shipment of units will take place by January 2022, and the last mining rigs are expected in December 2022. Over the next two years, the total retail strength will increase to 8 EH. Bitfarm’s CEO Emiliano Grodsky stated that it is becoming increasingly difficult to keep the mining platforms safe:
“The supply of miners will be one of the biggest challenges in the foreseeable future due to the global shortage of chips used to make semiconductor chips, which is an important component of mining platforms.”
The report does not specify which units to buy, but the flagship product of MicroBT is “WhatsMiner M30S ++” at 112 THB / sec and a retail price of $ 9300. The company’s website currently reports on sales of all mining operations.
Over the past eight months, Bitfarms has acquired more than 12,000 MicroBT miners, citing reliability and energy efficiency as reasons to buy.
In December 2020, Bitfarms distributed 1,000 new Whatsminer M31S miners and ordered 3,000 additional Whatsminer M31S miners scheduled for delivery at the end of February 2021.
Bitfarms was the first Bitcoin mining company to complete its detailed prospectus with the Ontario Securities Commission and began trading on the Toronto Stock Exchange in July 2019. The company has five industrial facilities located in Quebec, all of which are hydropower.