Bitfarms Boosts Bitcoin Mining Capacity to 7 EH/s with Facility Upgrades
Bitfarms recently completed upgrades to its Bitcoin mining facilities across two locations, elevating its total hash rate to 7 EH/s.
The company deployed over 5,000 T21 miners in Québec, Canada, enhancing energy efficiency by approximately 51%.
Geoff Morphy, President and CEO of Bitfarms, underscored the significance of these upgrades in optimizing operations for Bitcoin’s upcoming halving event.
In anticipation of the halving scheduled for April 19, Bitfarms plans to introduce an additional 30,000 miners this quarter, advancing towards its 2024 targets of 12 EH/s and 21 EH/s.
READ MORE: Bitcoin is Undervalued Despite Market Dip, According to Blockstream CEO
Bitfarms’ expansion aligns with a broader trend in the industry, with companies like CleanSpark, Marathon, Hut 8, Cipher Mining, and Stronghold Digital Mining also ramping up operations in preparation for the halving.
While the halving will reduce mining rewards per block, companies like Bitfarms aim to mitigate potential profit declines through enhanced efficiency and strategic expansion efforts.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
