Bitfarms Enhances Bitcoin Mining Operations, Boosts Hash Rate Capacity to 7 EH/s

Bitfarms Boosts Bitcoin Mining Operations, Prepares for Halving Event

Bitfarms, a leading Bitcoin mining company, has recently completed enhancements to its operations, significantly increasing its hash rate capacity to 7 EH/s. The upgrades involved the installation of over 5,000 T21 mining units across two facilities in Québec, Canada.

The company successfully deployed 3,168 T21 units at its Garlock facility and an additional 1,710 T21 units and 100 M53S+ hydro mining machines at its Farnham location. These improvements have resulted in a remarkable 51% increase in energy efficiency, positioning Bitfarms advantageously for the upcoming Bitcoin halving event.

Geoff Morphy, the President and CEO of Bitfarms, emphasized the transformative impact of the upgrades on efficiency and expressed confidence in the company’s readiness for the halving event. Bitfarms also announced plans to install an additional 30,000 miners within the current quarter, aiming to achieve hash rate goals of 12 EH/s and 21 EH/s by 2024.

Bitfarms is not alone in its preparations for the Bitcoin halving event, as other firms like CleanSpark, Marathon, Hut 8, Cipher Mining, and Stronghold Digital Mining have also ramped up their operations. CleanSpark reported a hash rate increase to 17 EH/s, while Marathon, Hut 8, Cipher Mining, and Stronghold Digital Mining have all disclosed expansion plans in response to the halving.

The Bitcoin halving event, scheduled for April 19, has sparked a flurry of activity among mining companies as they strive to increase their hash rate capacities. With the Bitcoin network hash rate currently at 686.73 EH/s, the industry is gearing up for a significant event that could shape the future of Bitcoin mining. Stay tuned for more updates as the halving event approaches.