Bitfarms’ Strategic Upgrades Propel Toward 12 EH/s Target

Bitfarms Ltd., a prominent player in the global Bitcoin mining industry, recently achieved a milestone by enhancing its operational efficiency significantly. The company announced the successful upgrade of its Garlock and Farnham facilities in Québec, which involved the installation of over 5,000 Bitmain T21 miners. This upgrade has propelled Bitfarms’ mining capacity to a substantial 7 exahash per second (EH/s) while improving its energy efficiency by an impressive 51% at both sites, according to Bitfarms.

The efficiency improvement, quantified at 31 watts per terahash (w/TH), is a part of Bitfarms’ strategic initiative to optimize its mining operations ahead of the anticipated Bitcoin halving event. Geoff Morphy, the President and CEO of Bitfarms, highlighted that the upgrades are pivotal for the company’s strategy to bolster its market position by increasing energy efficiency and operational capacity.

Moreover, Bitfarms is not stopping here. Ben Gagnon, the Chief Mining Officer, revealed that the company plans to install an additional 30,000 T21 miners across its existing and new facilities in the second quarter of 2024. This includes their new development in Paso Pe, Paraguay, marking a significant expansion of Bitfarms’ global footprint. These installations are expected to drive a rapid increase in both hashrate and energy efficiency, aiming for targets of 12 EH/s and 21 EH/s by the end of 2024.