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Bitfarms Plans Massive Bitcoin Mining Expansion With Purchase of 48,000 MicroBT Devices

The company expects the miners to increase its hashing capacity to 8.0 exahashes from its present 1.0 EH once all are operational.

By Jamie Crawley
AccessTimeIconMar 2, 2021 at 2:57 p.m. UTC
Updated May 9, 2023 at 3:16 a.m. UTC
Bitcoin miners
Bitcoin miners

Listed Canadian bitcoin mining company Bitfarms (TSXV:BITF, OTC:BFARF) has entered an agreement to buy 48,000 new MicroBT mining machines as part of a major growth plan.

  • When all the mining machines are delivered and operational, they are expected to increase Bitfarms' hashing capacity to 8.0 exahashes from its present 1.0, the company said in an an announcement Tuesday.
  • Shipments are slated to begin in January 2022 with the final batch arriving in December the same year.
  • "With this equipment purchase agreement, Bitfarms is positioned to remain in the top tier of publicly traded crypto mining companies in the world," said CEO Emiliano Grodzki.
  • The miners will be installed at both the firm's existing facilities and new ones currently in development.
  • A Bitfarms representative told CoinDesk the terms of the deal are confidential.
  • The company announced Feb. 8 it's entering into a $31.3 million deal for a private placement of shares on Calgary-based TSX Venture Exchange.
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    • See also: Blockstream Buys $25M Worth of Bitcoin Mining Machines From MicroBT

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.