Bitfarms hints at massive expansion as it purchased 48,000 new ASIC miners from MicroBT

Canadian block reward mining operators Bitfarms Ltd. has confirmed its latest purchase of 48,000 new ASIC miners from MicroBT.

Canadian block reward mining operators Bitfarms Ltd. has confirmed its latest purchase of 48,000 new ASIC miners from MicroBT. Once operational, they expect the new miners to increase their hashing capacity by approximately 5.0 EH. According to the press release, the purchase is a continuation of the growing relationship between the hardware manufacture and Bitfarms. During the last eight months, the publicly listed company has bought over 12,000 latest-generation blockchain miners from the Chinese hardware maker. 

 

The first shipment of miners would occur by January 2022. 

Bitfarms and MicroBT agreed that the first shipment of miners would occur by January 2022. After that, shipments will arrive monthly, with the last batch of mining rigs scheduled to arrive in December 2022. Bitfarms stated they would install the blockchain miners at both existing facilities and new mining farms currently in development. The precise terms of the deal were not revealed. However, in the event market conditions change unfavorable, Bitfarm stated it has already negotiated delivery and contract modification options.

 

“Bitfarms is positioned to remain in the top tier of publicly-traded crypto mining companies.” 

Emiliano Grodzki, CEO of Bitfarms, said, “With this latest equipment purchase agreement, the firm is positioned to remain in the top tier of publicly-traded crypto mining companies in the world.” The CEO added, “The supply of miners will be one of the greatest challenges in for the foreseeable future due to a global shortage of wafers used to create semiconductor chips…Our strategy will be to continue to grow our own infrastructure and professional operations and conduct mining in our own facilities, which increases operational efficiency and profitability.” Bitfarms is following the standard method used by other publicly listed block reward mining companies who leverage their massive buying power in order to purchase ASIC mining rigs in advance.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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