Bitfarms, a Bitcoin miner based in Canada, on March 11 acquired a total of 51,908 ASICs, including 28,000 Bitmain T21 ASIC miners, 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 hydro miners.
President and CEO of Bitfarms, Geoff Morphy, stated that the organization had acquired additional miners “before expected hardware price increases.”
At the time of writing, an individual Bitmain T21 ASIC miner has a retail price of approximately $3,000 and a hash rate of 190 TH/s.
He further noted that the delivery of the ASICs is planned for this year and that they are anticipated to increase the firm’s overall hash rate to 21 exahash per second (EH/s), equivalent to approximately 3% of the Bitcoin network’s processing capacity.
Bitfarms disclosed a $375 million at-the-market equity offering program on March 8. Bitfarms staff wrote, “The Company intends to use the net proceeds of the ATM Program, if any, primarily for working capital and general corporate purposes, as well as capital expenditures to support the growth and development of the Company’s existing mining operations.”
The organization operates eleven Bitcoin mining facilities, and further construction is underway in Argentina, Canada, the United States, and Paraguay.
Bitfarms’ stock, similar to that of its industry counterparts, has declined by more than 38% this year, even though Bitcoin encountered unprecedented heights.
One factor contributing to this phenomenon is the impending Bitcoin halving in April, which aims to reduce block rewards and diminish miners’ profitability. Over the past year, the company has been proactively expanding its operations in preparation for the halving event.
