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Bitcoin mining: 48,000 new machines ordered by Bitfarms to increase hashrate

bitcoin mining

TL;DR Breakdown

  • Bitcoin mining firm orders 48,000 new machines to increase hashrate. 
  • Over 10 firms in North America place pre-order worth $500 million for new machines. 

Popular Bitcoin mining firm, Bitfarms has attempted to increase its hashrate by ordering 48,000 new machines, according to reports. The company, based in Toronto, announced its plans to increase its hashrate on Tuesday. The new project will significantly boost the hashrate from one exahash per second 1EH/s to five exahash per second 5EH/s.

However, the plans to order these new machines would take their course from 2022. Reports claim that the ordering process will take place in different batches — the first batch of orders will take place in January, and the subsequent sets will run up until December 2022. Additionally, if all the machines arrive successfully and are fully operational, the company’s hashrate will increase to 3EH/s come December 2021. By December 2022, it will hit 8EH/s, as per analysis from the stock-exchange company. 

New machines will increase the Bitcoin mining process

Presently, Bitfarms’ mining hashrate is at 1EH/s. This frequency produces about 5.7 Bitcoins in a day, even as there are recent Bitcoin mining difficulties. 

According to the company’s CEO, Emiliano Grodzki, he was optimistic about the future of Bitcoin mining in Bitfarm come 2022. He said that “the purchase and increase in machinery will be a cornerstone to the company’s growth in 2022.”

The CEO revealed that it might be challenging to get miners because there is a shortage of wafers which is an essential component of mining rigs. These wafers are used in creating chips which makes the mining rigs work correctly. However, Grodzki is convinced that the company will increase efficiency by conducting Bitcoin mining processes in their facilities with the new plan to get new machines. 

Bitcoin mining firms utilizing new strategy 

Most Bitcoin mining firms, especially in North America, have been buying new machines to increase hashrate. Reports from The Block last month state that many firms in the region have placed pre-orders worth over $500 million for new machines. 

UC Hope

UC Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer. He joins the team to contribute his insights with precision.

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