Bitfarms' expansion plans in the near future will see the mining company enjoy a Bitcoin mining power of no less than 8,0 exahashes per second (EH/s) by 2022.
bitfarms is another mining company cryptocurrencies, , located outside the Asian power that is China, which seeks to expand its power hash rate on the Bitcoin network. This Canadian company announced the purchase of no less than 48.000 MicroBT Whatsminer Bitcoin mining equipment. The firm revealed that the equipment will be delivered by the manufacturer throughout 2022, and that it is part of its future expansion and growth plan.
Once all hardware is installed, Bitfarms aims to increase its hashing power from the current 1,18 exahashes per second to 8,0 exahashes per second (EH/s).
It may interest you: Bitcoin mining and hash rate continue to grow within American countries
An ambitious expansion plan
In its statement, Bitfarms revealed that it has been purchasing Bitcoin mining equipment from MicroBT for some time, and that in the last 8 months alone it has acquired more than 12.000 of these machines to increase its mining power on the network, and guarantee excellent service to its clients and users.
The publicly traded mining company is also expecting a batch of Bitcoin mining rigs to arrive this year, which will enable it to have a hash power of 3,0 EH/s by the end of 2021. Then, with the delivery of the other 48.000 recently purchased MicroBT Whatsminer rigs, which it will receive throughout 2022, by the end of that year Bitfarms will already have 8,0 EH/s worth of Bitcoin under its possession.
Bitfarms CEO, Emiliano Grodzki, said that this is a great achievement for the company, which seeks to become and remain a leader among publicly traded cryptocurrency mining companies around the world, increasing and guaranteeing its operational efficiency and profitability.
“This purchase agreement will be the cornerstone of our corporate growth strategy until 2022.”
Chip shortage, a growing problem
Grodzki also revealed that the massive purchase of MicroBT Whatsminer equipment at present is part of a plan by the company to ensure that there will be a marked shortage of some of the fundamental elements used in the manufacture of the powerful chips that make up these devices to ensure Bitcoin mining in the future.
In fact, Alex Ao, vice president of a chipmaking and Bitcoin mining equipment manufacturing company called Innosilicon, revealed In late January, mining equipment manufacturers are looking to the market for used equipment and the reuse of equipment, as the shortage of chips for making these is something that is beginning to affect the industry, still dominated by China.
Chip shortages are a growing problem that is affecting the cryptocurrency mining industry, but also other sectors such as the production of cars, laptops and mobile phones. Ao said that “There are not enough chips to support the production of mining rigs”, and believes that the companies that manufacture these chips will prioritize other industries with a much more stable demand, for example: sectors such as consumer electronics.
Mining equipment prices on the rise
Due to the chip shortage, the prices of cryptocurrency mining equipment are rising considerably, forcing out smaller investors and favouring those with greater capital to finance the acquisition costs.
To date, several North American Bitcoin mining companies have already placed pre-orders for extremely large mining equipment. Marathon Patent Group tops the list with orders totaling more than 73.000 state-of-the-art ASIC mining rigs; followed by Digital Currency Group (DCG), which announced the Your Strategic of 100 million dollars for the purchase of Bitcoin mining equipment; and the companies Hive y Hat 8, both based in Canada, which invested in the purchase of 6.500 and 5.400 ASIC mining rigs, respectively.
The demand for high-performance Bitcoin mining equipment is increasing as the cryptocurrency prices are growing in the markets. At the time of writing, Bitcoin (BTC) is trading at a value of $48.500 USD per unit.
Continue reading: Bitcoin mining consumes less than 0,5% of global energy
