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Friday, May 20, 2022

Bitcoin Firm Bitfarms [NASDAQ: BITF] Decides to Expand Québec Mining Operations

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Bitcoin mining Bitfarms Ltd. [NASDAQ: BITF] disclosed that it has decided to increase its corporate hash rate to more than 1.6 Exahash per second (EH/s). The firm is planning to develop this through operations at its Cowansville, Québec, facility. The firm is also planning to deploy 450 newly arrived Bitmain S19j Pro miners.

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Bitfarms is aimed at developing a cost-effective infrastructure to back the 55,000 new generation Bitcoin mining machines. The mining machines are planned to be shipped between now and the end of 2022. Bitfarms has upgraded its miner fleet and current facilities while expanding into new geographies.

Furthermore, BITF is striving to grow its ability to produce Bitcoin with greater efficiency across decentralized operations. Cowansville widens its footprint in Canada and signifies its first new capacity build-out in Québec in 2021. This is one of many projects that stimulate the firm about its growth opportunities and back its goal of attaining 3 EH/s by the end of Q1 of 2022 and 8 EH/s by the end of 2022.

In addition, the expansion of Cowansville is a completely new 17 MW facility, which replaces Bitfarms first Bitcoin mining facility of 4 MW constructed in 2017. This facility is anticipated to create greater operating efficiencies, more vigorous capabilities, better controls, and lower sound emissions.

Hydro Québec has started providing power to the facility, valid as of October 1, 2021. The expansion increases Bitfarms’ operational mining infrastructure in Québec by nearly 19% to 82 MW. Bitfarms has expanded the corporate hash rate from nearly 1.5 EH/s to nearly 1.6 EH/s.

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