Bitfarms, a Bitcoin mining company, revealed plans to invest around $240 million in upgrading its Bitcoin mining equipment in order to maintain profitability after the Bitcoin halving in 2024.
The focus of Bitfarms' preparations for the halving is on improving performance and ensuring profitability. Jeffrey Lucas, the company's chief financial officer, explained the goal of acquiring 88,000 highly efficient Bitcoin miners.
Previously, Bitfarms had purchased 35,888 Bitmain's Bitcoin Miner T21 and exercised options to buy an additional 28,000 T21 miners along with other models to increase its mining capacity. In March 2024, Bitfarms mined 286 BTC with a monthly hash rate of 6.5 EH/s, compared to 424 BTC mined in March 2023 with a lower hash rate of 4.8 EH/s.
Bitfarms has been selling most of the Bitcoin mined in the past months to fund the expansion of its mining fleet. Lucas emphasized the significant improvements the fleet upgrade will bring in terms of scale and profitability.
The company currently holds $66 million in cash and 806 BTC in treasury. Bitfarms aims to use its operational expertise to achieve top performance and profitability following the upgrade.
Giga Energy, a Bitcoin miner based in Texas, expanded its operations to Argentina to utilize wasted energy from natural gas flaring in the country's oil fields. The process involves converting methane released during gas flaring into electricity to power Bitcoin mining rigs. While the firm has yet to import all necessary equipment to fully scale operations in Argentina, it continues to work towards profitability.
