Bitfarms Discloses Its Purchase Agreement For 48,000 MicroBT Miners

Bitfarms, one of the oldest and biggest cryptocurrency mining companies, has disclosed their agreement with MicroBT, a Chinese mining rig company, to buy 48,000 Miners. 

Plan to Increase Hash Rate

This decision was in accordance with the company’s growth plan to increase their hashing rate from 1.18 EH/s. The company had earlier announced its plans to settle its debts and grow in the coming months fully. This was disclosed via their Twitter handle on the 23rd of February. 

The public cryptocurrency mining company was founded in 2017 with its headquarters in Quebec, Canada. It aims to power the financial economy of cryptocurrencies while providing wholesome services in this area. They are reported to be currently running five facilities in Quebec, Canada. The company is on a trajectory to continuously grow and improve its services to the financial world. 

The statement from their CEO, Grodzki Emiliano, shows their plans on how to raise their company’s productivity in the coming year using a set growth plan. 

The miners are expected to arrive at the company’s facilities anytime from January 2022, with the last set of miners arriving in December 2022. In February alone, the company had increased its hash rate by 35%. With the new purchase and plan for growth in place, it is expected that their hash rate will rise up to 8.0 exahashes in a short while. 

Bitfarms target is to increase its hashrate and mine more Bitcoins in the coming years. In line with their objectives, a set of new miners are already being used to boost the company’s output. The miners are reported to have been delivered on the 19th of February, 2021.

The Global Sales Director of MicroBT, Vincent Zhang, said their company is happy to be partnering with Bitfarms, and they are set to complete their order within the designated time. 

Indeed, this is a big move by Bitfarms that will positively have a huge influence on the financial world. With this, they can succeed in their dream of remaining in the top tier of public crypto mining companies globally. 

Also, this will attract a larger wave of investors to the company. The company appears to be stable with plans for growth, but it should not deter anyone from making background research before investing with them. 

Leave a Reply

Your email address will not be published.


FINCI Helps Open New Market for Ripple

A New Partnership Ripple looks to expand its reach by teaming up with Lithuanian company FINCI. Ripple will make available RippleNet’s ODL services that use XRP to link two currencies, which reduces the cost of operations and speeds up transactions compared to traditional ways. The collaboration rests upon the use of RippleNet’s international payment network […]

ECB’s President, Christine Lagarde, Says Crypto Assets Have No Worth

In an interview, Christine Lagarde, the head of the European Central Bank, made it quite plain where she stands concerning the value of digital assets. Head Of ECB Label Cryptos As Worthless According to a survey by Politico, the head of the ECB noted her position on crypto. The ECB head stated that digital assets […]

UK Regulators are Investigating Terra’s Fiasco and Considering Crypto Rules

UK cryptocurrency market regulators are currently investigating Terra’s plunge. It began amid the recent cryptocurrency market massacre. The leading cryptocurrency in the market, BTC, fell as low as $26,000 during the market downturn. At the same time, Terra fell by about 100%. Terra’s Meltdown Under Investigation as UK regulators Consider New Crypto Rules While regulators […]

FTX Launches Stock And ETF Trading Option In The United States 

A prominent cryptocurrency exchange, FTX, is getting into the stock trading business. Soon, its users will be able to trade equities and exchange-traded funds on the platform.  Only A Few Users In The United States To Enjoy The Service  The Wall Street Journal reports that the firm Sam Bankman-Fried helped establish and serve as its […]

Major Australian Bank Shelves Crypto Launch Plan

CBA’s Crypto App Plan As previously mentioned last year, Australia’s biggest bank disclosed plans to let its users carry out crypto-related transactions on its app.  It has been taking its plan to develop the project but as not stated a particular time it will finally launch the project to the public. It also has plans […]