Bitfarms, a Bitcoin mining company, decided to boost their output and efficiency by acquiring 87,796 new miners. This move was driven by the upcoming Bitcoin halving event and the company's aspiration to expand its operations. The purchase aims to increase the operating capacity to 21 EH/s by the end of 2024.

The decision to buy a large number of miners was also influenced by the current price of Bitcoin. Bitfarms took advantage of the pre-halving period to secure the miners before hardware prices surged due to the growing demand in the mining industry.

This surge in demand for computing equipment is a result of the increased interest in artificial intelligence and mining, along with the anticipation of the halving event. Crypto miners around the world are rushing to acquire hardware and upgrade their systems, reflecting the overall trend of growth in the industry.

Bitfarms' strategic move aligns with the broader strategy of many Bitcoin miners to capitalize on the increasing value of assets and the growing adoption of cryptocurrencies globally.