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.

Sep 21, 2020 at 8:51 p.m. UTC
Updated Sep 14, 2021 at 9:58 a.m. UTC

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.
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