Bitfarms Acquires 87,796 Miners Amid Halving Race

Bitfarms, a Bitcoin miner recently acquired 87,796 new miners to boost output and efficiency ahead of the halving event.

Bitfarms, a Bitcoin miner, has added 87,796 miners to increase output and efficiency before the halving event.

Bitfarms revealed plans to expand their farm in the future, the hiring of additional miners, and a schedule for increased capacity this year in a social media post on X (formerly Twitter) on April 2.

The announcement states that the acquisition is for increased operational capacity, with 21 EHs expected by year’s end. The group decided to take a risk and planned to expand the farm to prepare for the next Bitcoin halving.

“These additional 87,796 miners, combined with our November announcement of farm expansions and our 35,888 Bitmain T21 purchases, will enable us to reach 21 EH/s by year’s end with improved operating efficiency.”

The price of Bitcoin also influenced the choice to hire massive miners. Bitfarms bought the miners before the hardware upgrade, when the asset price was high.

The excitement surrounding artificial intelligence (AI) and the rush of miners to cut costs have caused a surge in demand for hardware components required in both sectors.

Last month, we revealed that cryptocurrency miners are rushing to buy secondhand computers from the US to meet their processing hardware needs.

Bitfarms Look Towards Expansion

Bitfarms, like the majority of Bitcoin miners, have placed a strong emphasis on growth in the wake of rising asset values and growing acceptance from numerous countries.

“These orders solidify our expansion plan for 2024 and provide the pathway to operating one of the newest and potentially most efficient mining fleets in the industry. Securing these miners is a key part of our strategy to drive rapid and meaningful improvements…

The action is still a crucial component of its three-pronged plan for improving mining in the industry. Bitfarms’ future ambitions included increasing hashrate, energy efficiency, and operational cost per terahash to increase mining profitability.

Lastly, the business stated it is in an excellent position to benefit from the current market boom. As they position themselves for lower mining returns, Bitcoin miners control market narratives by transferring funds into exchanges from their mining reserves.