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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.