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25 April 2024
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Bitfarms Buys 87,796 New Miners Ahead of Bitcoin Halving

Bitfarms Buys 87,796 New Miners Ahead of Bitcoin Halving

  • The purchase will have increased operating capacity, resulting in 21 EH/s, by 2024 end.
  • A factor that influenced the decision to buy out major miners was the price of Bitcoin.

In order to increase output and efficiency in preparation for the halving event, Bitcoin miner Bitfarms has purchased 87,796 miners. Bitfarms revealed their ambitions to expand their farm in the future, acquire more miners, and increase their capacity this year in a social media post on X on April 2. The announcement states that by the end of the year, the purchase will have increased operating capacity, resulting in 21 EH/s.

In light of the current T21 miners’ performance and the intentions to expand the farm in preparation for the impending Bitcoin halving, the team made the bold move.

The mining firm stated:

“Together, with our 35,888 Bitmain T21 purchases and farm expansions announced in November, these new 87,796 miners are sufficient to reach 21 EH/s by year-end, with greater operating efficiency.”

Surge in Demand for Computing Gear

One other factor that influenced the decision to buy out major miners was the price of Bitcoin. Before the hardware price rise, Bitfarms bought the miners while the asset price recently created an all-time high.

The price of hardware components used in artificial intelligence (AI) and mining has risen sharply because of the recent buzz around these topics and the miners’ mad dash ahead of the upcoming halving. It was reported last month that crypto miners are rushing to acquire computing gear, even going as far as purchasing used equipment from the U.S.

Bitfarms, like the majority of Bitcoin miners, has prioritized growth in response to rising asset values and rising acceptance in a number of countries. 

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