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Your email address will not be published. Required fields are marked *

Related

Switzerland Sets to Use Blockchain for Supply Management

A very effective way to utilize blockchain technology is for managing the chain of supply. This chain is no longer a linear one from producer to consumer but now contains multiple sequences of producers, partners, clients, agents, etc.; hence, the use of blockchain is of high importance as it would enable assets to be traced […]

Coinbase Ticker COIN to Go Green on NASDAQ Today

The largest crypto-based enterprise and exchange platform Coinbase, has joined the ranks of public listed companies at NASDAQ. The COIN ticker is not just a new face on the block, but it has managed to make a grand entry into the cut-throat stock market in a manner that it is impossible to ignore its presence. […]

Collectors of Art Would be Able to Purchase New Token by Burning NFTs

The mysterious and successful NFT artist Pak has recently announced the launch of a new token, ASH. However, not every other investor would be able to purchase this token with digital assets or fiat currencies. A person who wants to own ASH would have to be willing to burn the NFT artwork under their ownership.  […]

SEC Actions Putting Bitcoin and Ethereum Investors at Risk, another Crypto Lawsuit

Yet another blockchain enterprise has gone under the radar of the Securities and Exchange Commission of the United States (SEC). LBRY Inc. is a blockchain-based and decentralized file sharing and payment network. The blockchain-based service is unique in a manner that it allows the users to get access to social media content, streaming services, and […]