Bitcoin Miner Bitfarms Leases 2,000 Rigs From BlockFills, Has Option for Up to 7,000 More

Bitfarms boost its mining power by 360 PH with the new lease, set to run for 24 months.

AccessTimeIconSep 21, 2020 at 8:51 p.m. UTC
Updated Sep 14, 2021 at 9:58 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Canadian cryptocurrency miner Bitfarms Ltd. will lease 2,000 WhatsMiner M31S rigs from market-maker BlockFills as the Bitcoin network's ever-increasing difficulty rate turns up the heat on mining outfits.

  • Bitfarms' new equipment will add 360 petahashes of mining power by the end of October, according to a press release.
  • The lease, set to last 24 months, comes with a 9.5% interest rate as well as a purchase option.
  • BlockFills may furnish Bitfarms with even more miners by the the end of 2020, depending on equipment availability. The pair signed a non-binding letter of intent for up to 7,000 additional miners.
  • Last quarter, Bitfarms mined 815 bitcoins – a high point among publicly traded miners. But it also lost $3.7 million as the entire mining market adjusted to COVID-19 challenges as well as the ramifications of the bitcoin halving.
  • Bitcoin's price recovery, repeated breaks above the $10,000 and $11,000 thresholds, and record-high network difficulty are forcing mining companies around the world to bulk up their computing power.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.