Bitfarms Buys 6.8 EH/s of T21 Bitcoin Miners for $95 Million

Canada-based Bitfarms has preordered 6.8 EH/s in bitcoin hashrate to bolster its future production capacity and enhance fleet efficiency, in anticipation of the approaching halving.

The company said in an announcement on Monday that it has signed the purchase agreement with Bitmain for 35,888 units of the Antminer T21 with a total valuation of $95 million.

The Antminer T21 model boasts a standard hashrate of 190 TH/s per unit. Additionally, it offers a built-in flexibility to switch to a high-energy mode, providing an increased output of up to 233 TH/s per unit. These miners are slated for delivery between March and May 2024, just around the impending bitcoin halving.

This move is yet another sign of the escalating competition among public bitcoin mining operations, as they aim to secure a larger share of the bitcoin production market while maximizing fleet efficiency, leveraging their access to financial resources available in the public markets.

Bitfarms added that it has also secured an option to purchase an additional 28,000 units of T21s, equating to approximately 5.3 EH/s, scheduled for delivery in the latter half of 2024 upon exercising the option.

With the bulk preorder, Bitfarms expects to increase its installed hashrate from 6.3 EH/s as of writing to 12 EH/s by H1’24 and potentially 17 EH/s by the end of 2024, while increasing its fleet efficiency from currently 35 J/TH to 25 J/TH.

According to Bitfarms’ roadmap for the next year, the majority of the power capacity supporting its hashrate expansion plan will be built in Paraguay with 70 MW in Paso Pe and 70 MW in Yguazu.

As previously reported, Bitfarms has raised more than $112 million from stock offerings year-to-date to fund its growth and expansion while liquidating mined bitcoin on a monthly basis as needed to cover operational expenses.