Bitfarms expands Bitcoin mining hashrate to 7 EH/s with Quebec upgrades

Bitfarms announced connected April 12 that it completed upgrades to its Bitcoin mining facilities successful 2 locations, bringing its full hash complaint to 7 EH/s.

The institution installed and activated implicit 5,000 T21 miners astatine 2 facilities successful Québec, Canada.

Bitfarms installed 3,168 T21s devices astatine its Garlock, Québec facility, positive 1,710 T21s and 100 M53S+ hydro miners astatine its Farnham, Québec site. The latest upgrades amended vigor ratio by astir 51%.

Geoff Morphy, President and CEO of Bitfarms, emphasized the payment of efficiency, asserting the “transformative quality of [the] upgrade plan.” He noted that greater ratio prepares the institution for Bitcoin’s upcoming halving event.

Bitfarms intends to deploy different 30,000 miners this quarter. The institution volition present these upgrades successful existing locations, including its caller Paso Pe, Paraguay facility. The 30,000 deployments volition assistance the institution attack its 2024 targets of 12 EH/s and 21 EH/s.

Halving is accelerated approaching

Bitfarms is conscionable 1 of galore companies expanding up of Bitcoin’s upcoming halving event, which is expected to hap connected April 19.

CleanSpark announced connected April 12 that it expanded its hash complaint to 17 EH/s. CleanSpark CEO Zach Bradford said the institution is “well-suited” for the halving, some due to the fact that of its ain ratio and due to the fact that competitors’ old, inefficient machines volition permission the network.

Marathon said successful a Bloomberg interrogation successful March that it plans to grow successful airy of the halving. Hut 8 said successful February that the halving would supply opportunities for aboriginal maturation and announced plans to conception a caller Texas facility. Cipher Mining and Stronghold Digital Mining besides announced expansions successful January.

The halving volition trim mining rewards per block. Not accounting for imaginable fluctuations successful BTC prices, little rewards volition apt trim profitability for immoderate mining companies. However, little profits tin perchance beryllium offset by much businesslike operations.

The station Bitfarms expands Bitcoin mining hashrate to 7 EH/s with Quebec upgrades appeared archetypal connected CryptoSlate.