As part of its effort to increase its hashing capacity, Canadian miner Bitfarms will be purchasing an additional 48,000 new miners from MicroBT. This move is expected to increase its capacity to 5.0 EH from the current 1.0 EH per second.
Within the last eight months, the company has bought 12,000 rigs from MicroBT though the shipment of this new purchase will only begin around January 2022 and it is expected to be delivered all through that year. These new mining equipment will be installed at existing and new facilities being built by the crypto mining company for its works.
Bitfarms had previously installed 1000 Whatsminer M31S mining rigs and already announced plans to acquire 3000 M31S+ mining equipment which will arrive by February 2022. With these new equipment, Bitfarms expects its computing power to increase considerably and believe this will drive the growth of decentralized finance.
By the time the new mining equipment is fully installed, production capacity is expected to reach 3.0 EH by the end of this year. The company further plans to surpass 8.0 EH by the end of next year.
Bitfarm believes that if they can increase their hashing capacity substantially, the amount of Bitcoin earned daily will also increase significantly. According to the Bitfarms CEO, Emiliano Grodzki, a major challenge they are facing which might remain for the foreseeable future is the supply of these mining equipment. This is especially due to mining chips shortage all over the world.