Bitfarms boosts BTC mining capacity with 51,908 ASICs acquisition

  • Bitfarms, a Canadian bitcoin mining company, recently acquired 51,908 Application-Specific Integrated Circuits (ASICs), including various Bitmain models like T21, S21, and S21 hydro miners.
  • ASICs, specialised integrated circuit chips designed for efficient cryptocurrency mining, are at the core of Bitfarms’ recent purchase, with each Bitmain T21 ASIC miner retailing for around $3,000.
  • Bitfarms’ CEO, Geoff Morphy, cited the need to secure additional miners ahead of anticipated hardware price hikes. The acquisition is expected to boost Bitfarms’ overall hash rate to 21 exahashes per second.

On March 11, Bitfarms, a Canadian bitcoin mining company, made a purchase of 51,908 Application-Specific Integrated Circuits (ASICs). This acquisition included various models such as Bitmain T21, S21, and S21 hydro miners.

Bitfarms expands bitcoin mining capacity

ASICs are custom-built integrated circuit chips optimised for the efficient mining of digital currencies like bitcoin. These chips are specifically engineered to perform the complex mathematical calculations required for mining with much greater speed and energy efficiency compared to general-purpose computer processors.

Bitfarms’ purchase includes 28,000 Bitmain T21 ASIC miners, 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 hydro miners. Each Bitmain T21 ASIC miner retails for around $3,000 now.

Also read: Could quantum computing pose a threat to bitcoin?

Gear up

Bitmain is the world’s largest designer of application-specific integrated circuit (ASIC) chips for bitcoin mining.

Bitmain’s latest bitcoin miners, including the T21, S21, and S21 hydro models, represent the newest generation of mining technology. The T21 stands out with an impressive hash rate of 190 TH/s, reflecting its speed in solving cryptographic calculations for cryptocurrency mining, typically expressed as hashes per second. This places it among the most powerful air-cooled bitcoin miners, as typical hash rates for such miners usually range from 50 to 100 TH/s.

Bitfarms’ president and chief executive officer, Geoff Morphy, stated that the business hired more miners “before anticipated hardware price increases.” Additionally, he mentioned that the ASICs are expected to be delivered this year and would increase the company’s overall hash rate to 21 exahashes per second (EH/s), or around 3% of the bitcoin network’s processing power.

Also read: 7 things you need to know about the bitcoin halving

As of right now, the firm has eleven bitcoin mining facilities in operation, and it is developing more in Argentina, Paraguay, the United States, and Canada.

Bitfarms’ stock has dropped more than 38% this year, even if bitcoin has hit fresh all-time highs. Part of the reason can be attributed to the imminent bitcoin halving in April, which will halve block rewards and consequently decrease miners’ profits.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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