Bitfarms Reveals $240M Investment to Triple Hash Rate Post-Bitcoin Halving

Bitfarms, a prominent Bitcoin mining firm, disclosed plans to allocate nearly $240 million towards upgrading its Bitcoin mining infrastructure, positioning itself for sustained profitability post-Bitcoin halving in 2024.

With $66 million in cash and 806 BTC in its treasury, totaling $123 million in liquidity, Bitfarms is strategically preparing for the Bitcoin halving to ensure both performance and profitability. Jeffrey Lucas, Bitfarms’ CFO, emphasized the company’s commitment to acquiring 88,000 highly efficient Bitcoin miners.

Previously, Bitfarms secured 35,888 Bitmain Bitcoin Miner T21 units and exercised an option to procure an additional 28,000 T21 miners, alongside additional purchases of 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 hydro miners.

March 2024 saw Bitfarms mine 286 BTC with a monthly operating hash rate of 6.5 exahashes per second (EH/s), a significant increase from March 2023’s 424 BTC mined with 4.8 EH/s, highlighting the necessity of scaling hash rate capacity to maintain profitability.

In a strategic move, Bitfarms reinvested proceeds from Bitcoin sales into expanding its mining fleet, resulting in a transformative fleet upgrade that triples the hash rate to 21 EH/s, boosts targeted operating capacity by 83% to 440 megawatts (MW), and enhances fleet efficiency by 40% to 21 w/TH, as stated by Lucas.

Bitfarms’ robust financial position, with $66 million in cash and 806 BTC in treasury, reinforces its ability to execute the upgrade program effectively. The company’s focus on operational excellence underpins its confidence in achieving industry-leading performance and profitability, Lucas asserted.

Meanwhile, Texas-based Bitcoin miner Giga Energy has ventured into Argentina to harness wasted energy from natural gas flaring in the nation’s oil fields. By converting methane released during gas flaring into electricity for Bitcoin mining, Giga aims to leverage environmental sustainability while powering its operations. Despite logistical challenges hindering immediate profitability, Giga remains optimistic about the long-term prospects of its expansion into Argentina.