BitFarms Adds 48,000 New BTC Miners To Its Fleet: Report

BitFarms adds 48,000 new BTC miners to its fleet which will mark a huge portion of the bitcoin hash rate so let’s read more in our latest bitcoin news.

The company expects the hash rate to grow to 8 EH/s by the end of 2022 so now Bitfarms adds $48,000 new miners to its fleet and expects its hashing capacity to grow by a factor of eight from the current levels by December 2022. The miners will be delivered by MicroBTC which is a Chinese manufacturer of mining equipment and the supplier of choice for Bitfarms. The company said that over the past eight months it acquired over 12,000 MicroBTC mining rigs and increased the capacity to 1.0 EHs but with the new equipment getting delivered over the next two years on a monthly basis, we will see another increase possibly.

Long term commitment with our investors @Bitfarms_io https://t.co/dfoiisv4D0

— Emiliano Grodzki (@GrodzkiEmiliano) March 2, 2021

Bitfarms’s goal is to reach 3.0 EH/s of hashing power and to increase it to over 8 EH/by the end of 2022 once the last shipment of machines arrives. Bitcoin’s current global hashing power is around 159 EH/s which means that Bitfarms will account for 5% of the hashing power if the values remain unchanged. The percentage will shrink but bitcoin’s hash rate could rise considerably. According to Bitfarms CEO Emiliano Grodzki because of the global shortage of wafers used in the semiconductors, the supply of miners remains a huge challenge for the near future:

 “Our strategy will be to continue to grow our own infrastructure and professional operations and conduct mining in our own facilities which increase operational efficiency and profitability.”

One of the biggest BTC mining firms in Canada Bitfarms is listed on the TSX Venture Exchange but it still faces competition from companies like HIVE blockchain which is betting on cheap electricity in Quebec. News on the expanding partnership with MicroBTC came on the back of the reports of miners making a record of $1.6 billion while the total BTC mining revenue surpassed the previous all-time high in December 2017 marking an impressive growth of 21.4% from January’s $1.12 billion.

Speaking of mining, we reported recently that, The Texas power outages weren’t caused by the bitcoin mining operations as one expert, Kristy-Leigh Minehan explained that the state doesn’t have enough mining hardware to cause major problems to the power supply.