Bitfarms expands Bitcoin mining hashrate to 7 EH/s with Quebec upgrades

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Bitfarms introduced on April 12 that it accomplished upgrades to its Bitcoin mining services in two places, bringing its whole hash price to 7 EH/s.

The corporate put in and activated over 5,000 T21 miners at two services in Québec, Canada.

Bitfarms put in 3,168 T21s units at its Garlock, Québec facility, plus 1,710 T21s and 100 M53S+ hydro miners at its Farnham, Québec website. The newest upgrades enhance power effectivity by about 51%.

Geoff Morphy, President and CEO of Bitfarms, emphasised the advantage of effectivity, asserting the “transformative nature of [the] improve plan.” He famous that better effectivity prepares the corporate for Bitcoin’s upcoming halving occasion.

Bitfarms intends to deploy one other 30,000 miners this quarter. The corporate will introduce these upgrades in present places, together with its new Paso Pe, Paraguay facility. The 30,000 deployments will assist the corporate strategy its 2024 targets of 12 EH/s and 21 EH/s.

Halving is quick approaching

Bitfarms is only one of many firms increasing forward of Bitcoin’s upcoming halving occasion, which is anticipated to happen on April 19.

CleanSpark introduced on April 12 that it expanded its hash price to 17 EH/s. CleanSpark CEO Zach Bradford stated the corporate is “well-suited” for the halving, each due to its personal effectivity and since opponents’ outdated, inefficient machines will go away the community.

Marathon stated in a Bloomberg interview in March that it plans to broaden in mild of the halving. Hut 8 stated in February that the halving would offer alternatives for future progress and introduced plans to assemble a brand new Texas facility. Cipher Mining and Stronghold Digital Mining additionally introduced expansions in January.

The halving will scale back mining rewards per block. Not accounting for potential fluctuations in BTC costs, decrease rewards will probably scale back profitability for some mining firms. Nonetheless, decrease income can probably be offset by extra environment friendly operations.

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