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Bitfarms' Strategic Expansion with Bitmain T21 Miners

Explore Bitfarms' latest investment in Bitmain T21 miners and its impact on their Bitcoin mining capabilities and efficiency.
Published on 2023-11-27

Strategic Expansion with Bitmain T21 Miners

Bitfarms Ltd., a global leader in Bitcoin mining, has announced a significant purchase of 35,888 Bitmain T21 miners. This acquisition, at $2,660 per unit, is set for delivery between March and May 2024. The company has also secured an option to purchase an additional 28,000 units. This move is part of Bitfarms' transformative fleet upgrade plan, aimed at enhancing its operational efficiency and capacity.

Enhanced Operational Capacity

With this strategic purchase, Bitfarms plans to enhance its mining capacity across facilities in Canada, Paraguay, Argentina, and the U.S. By the end of 2024, the company aims to boost its operating capacity to 391 MW, with a target hashrate of 17 EH/s. Key upgrades include expanding the Paso Pe facility in Paraguay to 70 MW and deploying advanced miners at the Yguazu location.

Efficiency and Cost Reductions

The Bitmain T21 miners offer a significant improvement in energy efficiency, reducing energy usage to 23 watts per terahash. This upgrade is expected to decrease production costs and significantly enhance hashrate performance. The new hardware is designed to be highly efficient with a high energy mode, offering up to 233 TH/s per unit. This investment positions Bitfarms to capitalize on favorable mining economics and navigate the upcoming Bitcoin Halving.

Future Prospects

The strategic upgrade aims to position Bitfarms ahead of the network difficulty curve, driving improvements in energy efficiency and cost-effectiveness. The company anticipates leveraging this upgrade to capture value from rising Bitcoin prices and mining returns. Bitfarms' decision to invest in next-generation mining technology reflects its commitment to sustainable growth and enhanced market competitiveness.

Investor Engagement

A conference call on November 28, 2023, will provide further insights into these developments. Investors and stakeholders are encouraged to participate, offering an opportunity to discuss the strategic implications of this expansion and the anticipated benefits for Bitfarms.

This initiative marks a pivotal step in Bitfarms' journey towards optimizing its Bitcoin mining operations, ensuring scalability, and delivering shareholder value through strategic investments and technology advancements.

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