- Bitcoin mining company Bitfarms Ltd. is gearing up to reach 21 exahash per second in 2024
- To achieve this goal, the company has secured additional T21 and S21 miners
- In total, Bitfarms has purchased an additional 19,280 bitmain T21 miners and 3,888 bitmain S21 miners
- Shares of Bitfarms are down 10.45 per cent to C$3.22 as of 11:26 am ET
Bitcoin mining company Bitfarms Ltd. (TSX:BITF) has revealed it is gearing up to reach 21 exahash per second (EH/s) in 2024 thanks to it recently securing additional T21 and S21 miners. The announcement comes following its previously announced purchase option for 28,000 bitmain T21 miners.
In a news release, the company stated it had purchased 19,280 bitmain T21 miners and 3,888 bitmain S21 miners to achieve its goal. Bitfarms said it also purchased 740 Bitmain S21 Hydro miners.
“With Bitcoin achieving new all-time high prices and having already confirmed the tremendous performance from our T21 miners currently running, Bitfarms acted quickly to secure additional T21 and S21 miners before anticipated hardware price increases,” Geoff Morphy, president and CEO of Bitfarms, said in a statement. “These miners are scheduled to be delivered in 2024, we believe they are sufficient to reach 21 EH/s in 2024 without a redeployment of our older miners, which we intend to liquidate to help offset the cost of new miners.”
Thanks to the purchase, the company said the orders will help it expand over the course of 2024 as it aims to have one of the most powerful mining fleets in the industry.
Bitfarms stated the additional miners will help the company improve its operating metrics of hashrate, energy efficiency and operating costs per terahash.
Founded in 2017, Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centres.
The company has 11 operating bitcoin mining facilities and two under development across Canada, the United States, Paraguay and Argentina.
Shares of Bitfarms are down 10.45 per cent to C$3.22 as of 11:26 am ET.
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