Bitfarms’ Game-Changing Fleet Upgrade: A Leap in Bitcoin Mining Efficiency

Bitfarms Ltd., a prominent player in the Bitcoin mining sector, has announced a major fleet upgrade. By acquiring 35,888 Bitmain T21 miners, Bitfarms is poised to achieve an impressive 17 EH/s and 391 MW by 2024. This strategic move, costing $2,660 per unit, is a part of their transformative plan, underlined by the potential addition of 28,000 more Bitmain T21 miners, according to globenewswire.

The company’s roadmap is clear: reaching 12 EH/s and 310 MW by Q2 2024 at an efficiency of 25 w/TH, and further expanding to 17 EH/s in the second half of the year. This leap is not just in numbers; it represents a significant stride in operational efficiency, reducing the energy cost  for the upcoming Bitcoin halving.

The Bitmain T21 miners, hailed as the most powerful air-cooled Bitcoin miners to date, boast an energy efficiency of up to 23 w/TH. This efficiency is a game-changer, offering a nearly 19% cost reduction per terahash in high-energy mode and driving down overall production costs.

The deployment plan is geographically diverse, spanning Canada, the United States, Paraguay, and Argentina. This international spread not only diversifies risk but also leverages local energy resources, reinforcing Bitfarms’ commitment to sustainability.

The company’s President and CEO, Geoff Morphy, and Chief Mining Officer, Ben Gagnon, underline the significance of this upgrade. They view it as a strategic leap ahead of network difficulty curves, ensuring rapid improvements in hashrate, energy efficiency, and cost per Bitcoin. The goal is clear: to thrive through the Halving and capitalize on potential upsides in Bitcoin prices and mining economics.

Bitfarms’ decision is a testament to its forward-thinking approach and its commitment to staying at the forefront of the rapidly evolving Bitcoin mining landscape. This upgrade not only enhances their operational capacity but also sets a new standard for efficiency and sustainability in the industry.