Bitfarms (BITF), the Canadian bitcoin miner, has doubled its mining power over the last eight months, the company said in a statement on Monday.
- The company has increased its hashrate to exceed 2 exahash per second (EH/s) at the same time when the Bitcoin network has grown about 12%, allowing it to gain a larger share of the network hashrate. Hashrate is a measure of the total amount of computer processing power securing a proof-of-work cryptocurrency.
- “As we continue to execute on our expansion plans, we expect to continue to outpace Bitcoin network growth to drive even higher bitcoin production numbers throughout 2022,” said Emiliano Grodzki, Bitfarms founder and CEO, in the statement.
- Bitfarms has already received and installed 1,500 S19j Pro miners in November, and has 2,701 Bitmain S19j Pro mining machines and 400 MicroBT M30S miners that are scheduled to be received and installed throughout the remainder of November.
- Bitfarms has also purchased 48,000 MicroBT miners, which are scheduled for delivery in 2022.
- On Nov. 1, Bitfarms said it planned to grow its mining capacity to more than 2 EH/s after hitting a record hashrate of 1.8 EH/s in October.
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.