Bitfarms acquires 48,000 ASIC miners; deliveries set to begin in January 2022 and to be completed by December 2022

Bitfarms, listed on the Toronto Stock Exchange (TSXV), bought 48,000 miners for cryptocurrency mining. MicroBT will begin deliveries in January 2022 and complete them by December of the same year.

Bitfarms announces purchase agreement for 48,000 MicroBT miners and named TSXV’s top 50 listing

The production capability of Bitfarms mining fleet is expected to grow from over 1.0 EH at the present time to 3.0 EH by the end of 2021 and then to exceed 8.0 EH by the end of 2022. pic.twitter.com/rxTcgUi0Oo

— Bitfarms (@Bitfarms_io) March 2, 2021

According to the press release, Bitfarms plans to increase its hash rate from the current 1 EH/s to 3 EH/s by the end of 2021 and to 8 EH/s by the end of 2022. The company’s current hash rate allows mining about 5.7 BTC per day.

Bitfarms CEO Emiliano Grodsky called the deal “a cornerstone of the company’s growth strategy for 2022”.

“In the near term, miner deliveries will become a serious bottleneck due to semiconductor shortages. We will continue to develop infrastructure, mine cryptocurrency on our own sites, and increase operating efficiency and profitability,” said Bitfarms CEO.

Earlier in January, The9 Ltd acquired 26,007 ASIC miners for Bitcoin mining. Shares rose 20%.

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