Bitfarms' Bitcoin Mining Efficiency Soars by 51% with Latest Enhancements

Bitfarms recently enhanced its Bitcoin mining operations, achieving a 7 EH/s hash rate capacity by installing over 5,000 T21 mining units in two Québec, Canada facilities. The upgrade resulted in a 51% increase in energy efficiency, positioning Bitfarms favorably for the upcoming Bitcoin halving event. The company aims to further expand by deploying an additional 30,000 miners in the current quarter, targeting hash rate goals of 12 EH/s and 21 EH/s by 2024.

Bitfarms' Bitcoin Mining Operations Surge by 51% in Efficiency Enhancements

Montréal, Québec, April 12, 2023 - Bitfarms Ltd. (NASDAQ: BITF, TSX: BITF), a global leader in Bitcoin mining, announced today the successful completion of major upgrades to its mining operations, resulting in a significant increase in efficiency and hash rate capacity.

The strategic enhancements, implemented at two facilities in Québec, Canada, involved the installation and activation of over 5,000 T21 mining units, the latest generation of high-performance mining hardware.

At the company's facility in Garlock, Québec, 3,168 T21 units were successfully installed, while an additional 1,710 T21 units and 100 M53S+ hydro mining machines were deployed at the Farnham, Québec facility.

These upgrades have resulted in an approximately 51% increase in energy efficiency, a critical factor in the competitive Bitcoin mining industry. The company's overall hash rate capacity has also been boosted to 7 EH/s (exa hashes per second), a measure of the computational power dedicated to mining Bitcoin.

Geoff Morphy, the President and CEO of Bitfarms, hailed the upgrades as transformative, emphasizing their impact on operational efficiency and strategic positioning for the upcoming Bitcoin halving event.

"These upgrades represent a major step forward for Bitfarms," said Morphy. "Not only have we significantly improved our cost structure through increased energy efficiency, but we have also strengthened our competitive advantage ahead of the expected Bitcoin halving."

Bitfarms' expansion plans extend beyond the recently completed upgrades. The company intends to deploy an additional 30,000 miners within the current quarter, strategically distributing them among its existing facilities and the newly established Paso Pe, Paraguay site.

This strategic move is aligned with Bitfarms' long-term hash rate targets of 12 EH/s by the end of 2023 and 21 EH/s by 2024.

Bitfarms' proactive stance mirrors the industry-wide trend of major mining companies ramping up their operations in anticipation of the Bitcoin halving event, scheduled for April 19.

CleanSpark Inc. (NASDAQ: CLSK) recently reported an increase in its hash rate to 17 EH/s, while Marathon Digital Holdings (NASDAQ: MARA) and Hut 8 Mining Corp. (TSX: HUT) have also announced expansion plans in preparation for the halving.

The upcoming Bitcoin halving is expected to reduce the block reward for Bitcoin miners by half, from 6.25 BTC to 3.125 BTC per block mined. This reduction is designed to maintain Bitcoin's scarcity and limit inflation.

As of the time of writing, the Bitcoin network hashrate stands at 686.73 EH/s, indicating a highly competitive environment for Bitcoin mining. Bitfarms' recent upgrades and expansion plans position the company well to navigate the challenges and capitalize on the opportunities presented by the Bitcoin halving event.