Bitcoin, Crypto Mining News, News & Updates

Canadian Crypto-Mining Firm Acquired 48,000 Bitcoin Rigs To Expand Capacity To 5 Exahash

The publicly listed Canadian bitcoin mining operation Bitfarms has stated the firm is purchasing 48,000 Microbt Whatsminer mining rigs to increase capacity.

Bitfarms emphasizes that new miners’ procurement will increase the company’s hashpower by approximately five exahash per second (EH/s).

Bitfarms to Acquire 48,000 High-Powered Bitcoin Miners from Microbt

The Canadian Bitcoin (BTC) mining company Bitfarms (TSXV: BITF, OTC: BFARF) cited that the company had entered an agreement to purchase 48,000 mining on Tuesday rigs manufactured by Microbt. 

The China-based firm Microbt is the manufacturer of Whatsminer devices, some of the most powerful application-specific integrated circuit (ASIC) machines worldwide. For instance, according to current data, the company’s Whatsminer M30S++ is the most-profitable SHA256 ASIC miner on the market today.

Bitfarm’s announcement on Tuesday explains that Microbt has become the firm’s “supplier of choice.” During the last eight months, Bitfarms stated it acquired 12,000 machines from the Chinese mining rig manufacturer. 

Bitfarms stressed that the firm expects the mining rig shipments to begin “on or before January 2022.” “The miners will be installed at our existing and new facilities which are currently in development,” the company said. 

Microbt stated that the mining manufacturer looks forward to providing the 5 EH/s worth of miner to Bitfarms.

“We are very excited to enhance and expand our partnership with Bitfarms,” Vincent Zhang, Microbt’s global sales director, said during the purchase announcement. “The miners to be supplied to Bitfarms are very reliable and stable. These miners will generate tremendous value to Bitfarms in its mining operations and [to] its investors,” Zhang added.

Bitfarms CEO Alludes to the global Shortage of Semiconductor Wafers.

Furthermore, the CEO of Bitfarms, Emiliano Grodzki, explained the acquisition helps during a time of excessive demand for ASICs.

“The supply of miners will be one of the greatest challenges for the foreseeable future due to a global shortage of wafers used to create semiconductor chips which is a vital component in mining rigs,” Grodzki detailed.

He also added that,

“Our strategy will be to continue to grow our own infrastructure and professional operations and conduct mining in our own facilities which increase operational efficiency and profitability.”

Last week, Chinese mining manufacturers are hard-pressed from demand, and nearly every manufacturer of next-generation rigs is entirely sold out.

Even the Bitfarm announcement itself notes that delivery is slated for at least by or in January 2022 and “the final mining rigs expected to arrive in December 2022.” Many publicly listed mining firms have leveraged their massive buying power to procure ASIC mining rigs in advance.

Furthermore, Bitfarm’s 48,000 Microbt Whatsminer rig purchase is the second-largest mining acquisition since Marathon Patent Group settled a record-breaking purchase for 70,000 high-performance Bitmain Antminer S19s at the end of 2020.

Bitfarm’s deal announcement with Microbt did not disclose a dollar-purchasing amount for the 48,000 miners. Marathon disclosed last December that it spent $170 million in its agreement with the Chinese mining rig manufacturer Bitmain.

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