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.