Bitfarms expands its fleet with 4,660 new bitcoin miners (NASDAQ:BITF)

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Bitfarms (NASDAQ:BITF) has purchased 550 PH/s of new high-efficiency bitcoin miners for $7.7 million to expand its fleet while improving average operating costs and minimizing capital expenditures, the bitcoin mining company said on Wednesday.

The company purchased a total of 4,660 miners for $13.94/TH with a blended power efficiency of 28 W/TH. He paid for the equipment using a combination of cash and vendor credits.

“We have secured additional miners to strengthen our momentum in Argentina and Quebec,” said Ben Gagnon, Mining Director of Bitfarms (BITF). “Representing 550 PH/s, these miners will be used for fleet expansion and optimization and we expect these miners to push our business hashrate beyond our September 30, 2023 target of 6 PE /s.”

Of the new equipment, 1,500 miners should be sent to Argentina and the remaining 3,160 will be shipped to Quebec, some of which should replace less efficient miners. When fully deployed, the miners are expected to improve energy efficiency by 11% in Argentina to 33 W/TH and by 3% enterprise-wide to 37 W/TH. All new miners are expected to be live in Q3 2023.

Bitcoin (BTC-USD) traded at $26.6,000 on Wednesday morning, up 3.5% in the past 24 hours.

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