Scaling Up: Bitfarms’ Ambitious Plans
In an electrifying move to enhance its Bitcoin mining operations, Bitfarms, one of the biggest publicly traded crypto miners, is gearing up to acquire a staggering 48,000 new miners over the next couple of years. This Canadian company isn’t just flexing its muscles; it’s genuinely looking to dominate the hashing world!
The Details of the Purchase
Bitfarms has teamed up with the Chinese supplier MicroBT to source this extensive equipment. Reports indicate that this addition will ramp up its hashing capacity by an additional 5 exahashes (EH). As a foundation known for its ambitious spirit, Bitfarms started with a capacity of just 1 EH and aimed for a jaw-dropping 200% increase by the end of 2021. Talk about hitting the gas!
Supply Challenges in the Mining World
However, the course isn’t all smooth sailing. CEO Emiliano Grodzki warns that securing mining rigs is increasingly becoming a daunting task due to a global shortage of semiconductor wafers, a crucial component for mining rigs. He aptly noted,
“The supply of miners will be one of the greatest challenges in the foreseeable future.”
Would-be miners may want to take note: the hunt for hardware is morphing into not just a race but a marathon!
Initial Shipments and the Final Countdown
As for timelines, Bitfarms is looking at an initial shipment of these mining rigs by January 2022, with the grand finale set for December 2022. Following this robust revamp, the company anticipates raising its hashing capacity to a total of 8 EH. That’s a mighty leap in the competitive world of cryptocurrency!
A Booming Presence in the Mining Arena
Bitfarms has also had its fair share of successes in the past few months, securing over 12,000 mining rigs from MicroBT. Known for its reliability and power efficiency, these rigs have become key players in the company’s strategy. Back in December 2020, they rolled out 1,000 new Whatsminer M31S mining rigs, with orders for 3,000 more set for delivery shortly after. How’s that for a mining spree?
The Bigger Picture: A Canadian Mining Powerhouse
What’s truly impressive is that Bitfarms has carved out its niche as the first Bitcoin mining company to complete a long-form prospectus with the Ontario Securities Commission. After its debut on the Toronto Stock Exchange in July 2019, the company now boasts five industrial-scale facilities in Quebec, each powered by hydroelectric energy. Now that’s a boss move for both crypto and sustainability!
