Bitfarms Expands Bitcoin Mining Capacity with New Miner Purchases
Bitfarms Announces Major Expansion in Mining Operations
Bitfarms Ltd. (NASDAQ/TSX: BIT), a key player in the mining industry, has revealed plans for a significant expansion of its mining operations. The company has opted to acquire 28,000 Bitmain T21 miners and has also purchased an additional 19,280 Bitmain T21 miners, along with 3,888 Bitmain S21 miners and 740 Bitmain S21 Hydro miners.
Strategy Behind Miner Acquisition
Priced at US$14/TH for T21 miners and US$17.50/TH for S21 variants, this acquisition is a strategic move by Bitfarms to enhance its operational metrics rapidly. Geoff Morphy, President and CEO of Bitfarms, emphasized that securing these miners aims to boost the company’s hashrate, energy efficiency, and operating costs per terahash in anticipation of a bullish Bitcoin market.
Delivery and Projection
The newly acquired miners are expected to be delivered within the year, enabling Bitfarms to achieve a target hashrate of 21 EH/s by 2024. Additionally, the company plans to sell its older miners to offset the cost of the new equipment.
Bitfarms’ Sustainability and Growth
Established in 2017, Bitfarms operates 11 Bitcoin mining facilities across various countries, with two more sites under development. Known for its commitment to sustainability, the company prioritizes hydroelectric power and long-term power contracts to minimize its environmental impact.
InvestingPro Insights on Bitfarms
As Bitfarms prepares for a bullish Bitcoin market, investors are monitoring its financial health closely. Despite a negative P/E ratio, the company has shown strong returns over the past year. With no dividend payout, investors should consider their income needs. Additional metrics indicate a rich valuation for the stock, raising questions about its current pricing.
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AI-Reviewed Article Disclosure
This article was generated with AI support and reviewed by an editor to ensure accuracy and quality.
