Canadian block reward mining operators Bitfarms Ltd. (TSXV: BITF) has confirmed its latest purchase of 48,000 new ASIC miners from MicroBT. Once operational, they expect the new miners to increase their hashing capacity by approximately 5.0 EH.
This purchase, announced via a press release, is a continuation of the growing relationship between the hardware manufacture and Bitfarms. During the last eight months, the publicly listed company has bought over 12,000 latest-generation blockchain miners from the Chinese hardware maker.
Bitfarms and MicroBT agreed that the first shipment of miners would occur by January 2022. After that, shipments will arrive monthly, with the last batch of mining rigs scheduled to arrive in December 2022.
Bitfarms stated they would install the blockchain miners at both existing facilities and new mining farms currently in development. The precise terms of the deal were not disclosed; however, in the event market conditions change unfavorable, Bitfarm stated it has already negotiated delivery and contract modification options.
With this recent addition, the overall production capability of the Bitfarms mining fleet is forecast to grow from over 1.0 EH at present to 3.0 EH by the end of 2021. It will exceed 8.0 EH by the end of 2022.
Emiliano Grodzki, CEO of Bitfarms, said, “With this equipment purchase agreement, Bitfarms is positioned to remain in the top tier of publicly traded crypto mining companies in the world.”
Grodziki added, “The supply of miners will be one