The mining company Bitfarms has acquired 51,908 bitcoin mining rigs from the Chinese manufacturer Bitmain.
#Bitfarms announces the purchase of an additional ~51,900 new miners.
? Press Release: https://t.co/PVXf8jODTy$BITF $BTC #BitcoinMining pic.twitter.com/gROQdl8jPx
— Bitfarms (@Bitfarms_io) March 11, 2024
The firm exercised an option for 28,000 Antminer T21 units and additionally purchased 19,280 similar miners at $14 per TH/s. The order also included 3,888 Antminer S21 and 740 S21 hydro units at $17.5 per TH/s.
Based on the stated figures, the total amount reached $143.7 million. The spot price for the T21 on the manufacturer’s website is listed at $4,370, while Bitfarms acquired them for $2,660.
The delivery of the rigs is expected throughout 2024.
“As bitcoin reached new highs and our operating T21 miners have already demonstrated tremendous performance, Bitfarms acted swiftly to secure additional purchases ahead of the anticipated increase in equipment prices,” said the company’s President and CEO, Jeff Morphy.
The firm expects that deploying the acquired devices will allow it to reach a hash rate of 21 EH/s, while phasing out outdated miners.
Bitfarms did not disclose the source of funding for the purchase.
On March 8, the company announced an additional market equity offering of $375 million. According to the statement, the proceeds will be used “primarily for capital expenditures to support the growth and development of existing mining operations, as well as for working capital and general corporate purposes.”
The previous batch of 35,888 Antminer T21 units for $95.5 million was acquired from Bitmain in November 2023. The deal included the aforementioned option.
As reported by CoinShares specialists, Bitfarms is among four public mining companies expected to remain profitable post-halving.