Bitfarms to Invest $240 Million in Bitcoin Mining Equipment Upgrade
Bitfarms, a leading Bitcoin mining company, is allocating nearly $240 million for equipment upgrades to ensure profitability post the 2024 Bitcoin halving.
Chief Financial Officer Jeffrey Lucas revealed Bitfarms’ intention to acquire 88,000 efficient Bitcoin miners, including purchases of Bitmain T21 and S21 models.
With March 2024 mining results indicating 286 BTC mined at a hash rate of 6.5 EH/s, compared to 424 BTC with a 4.8 EH/s hash rate in March 2023, Bitfarms prioritizes increasing hash rate capacity for sustained profitability.
To finance the upgrade, Bitfarms sells mined Bitcoin while reinvesting in fleet expansion, aiming to triple its hash rate to 21 EH/s and boost operating capacity by 83%.
READ MORE: Peter Schiff Critiques Bitcoin Preference Over Gold Among Younger Investors
As of March 31, Bitfarms holds $66 million in cash and 806 BTC, totaling $123 million in liquidity.
In other news, Texas-based Bitcoin miner Giga Energy expands into Argentina, tapping into natural gas flaring to power mining rigs, despite importation delays hindering full-scale operations.
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.
