Canadian publicly traded Bitcoin mining company Bitfarms has announced that the company is purchasing 48,000 Microbt Whatsminer mining equipment to expand capacity. Bitfarms points out that acquiring new miners will increase the company’s hash performance by approximately 5 exahashes per second (EH / s).
Bitfarms acquire 48,000 powerful Bitcoin miners from Microbt
Canadian bitcoin mining company Bitfarms (TSXV: BITF, OTC: BFARF) announced Tuesday that the company has entered into an agreement to purchase 48,000 mining equipment manufactured by Microbt. China-based Microbt is a manufacturer of Whatsminer devices, which are some of the most powerful ASIC (Application Specific Integrated Circuit) machines in the world. For example, the company’s Whatsminer M30S ++ is the most profitable SHA256 ASIC miner on the market today based on current data.
Bitfarm’s announcement on Tuesday states that Microbt has become the company’s “supplier of choice”. In the past eight months, Bitfarms has acquired 12,000 machines from the Chinese mining equipment manufacturer. Bitfarms emphasized that the company expects shipments of the mining equipment to begin “on or before January 2022”. “The miners will be installed in our existing and new facilities that are currently under development,” the company said. According to Microbt, the mining manufacturer is looking forward to providing Bitfarms the miner worth 5 EH / s.
“We are very excited to improve and expand our partnership with Bitfarms,” said Vincent Zhang, Global Sales Director of Microbt, during the purchase announcement. “The miners to be delivered to Bitfarms are very reliable and stable. These miners will generate tremendous value in their mining operations for Bitfarms and [to] its investors, ”added Zhang.
Bitfarms CEO alludes to the global shortage of semiconductor wafers
Additionally, Bitfarms CEO Emiliano Grodzki stated that the acquisition would be helpful at a time of excessive demand for ASICs.
“The supply of miners will be one of the greatest challenges for the foreseeable future, as there is a global shortage of wafers for the production of semiconductor chips, which are an important component in mining equipment,” said Grodzki. “Our strategy will be to continue building our own infrastructure, professional operations and mining our own facilities to increase operational efficiency and profitability,” he added.
News.Bitcoin.com reported last week that Chinese mining companies have been hit hard by demand, with almost every next-generation equipment maker completely sold out. Even the Bitfarm announcement itself points out that delivery is scheduled at least until or in January 2022 and “the final mining equipment is expected to arrive in December 2022”. Many publicly traded mining companies have used their massive purchasing power to source ASIC mining equipment in advance.
In addition, Bitfarm’s purchase of 48,000 Microbt Whatsminer rigs marks the second largest acquisition in the mining industry since the Marathon Patent Group completed a record purchase of 70,000 high-performance Bitmain Antminer S19s in late 2020. Bitfarm’s announcement of its deal with Microbt revealed no dollar purchase amount for the 48,000 miners. Marathon announced in December that it had spent $ 170 million on its agreement with Chinese mining rig maker Bitmain.
What do you think of buying bitfarms to get 48,000 powerful bitcoin mining rigs? Let us know what you think on this matter in the comments section below.
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48000 ASIC, 48000 machines, 5 EH / s, 5 Exahash, Bitcoin Miner, Bitfarms, Bitfarms Miner, BTC Miner, BTC Mining Rigs, Capacity Increase, Devices, Emiliano Grodzki, Marathon, Microbt, Mining Rigs, Semiconductors, Vincent Zhang, Whatsminer
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