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Bitfarms Buys Additional 10 EH/s Bitcoin Miners for $143M

Option exercised based on "tremendous performance" confirmed for T21

Canada-headquartered Bitfarms continues to expand its bitcoin mining fleet with another preorder of about 10 EH/s of hashing power for over $140 million.

Bitfarms said on Monday that it entered into a purchase agreement with Bitmain for 47,280 units of the Antminer T21 model, 3,888 units of the S21 model, and 740 S21 hydro miners.

Based on the equipment specification and the unit price, the preorder is estimated to be worth about $143 million totaling 10 EH/s, and is expected to arrive in 2024.

Bitfarms already has 6.8 EH/s of the T21 equipment on order, as reported in November. 28,000 units of the new purchase of T21s came from the option that Bitfarms secured at that time. The T21s were bought for $14/TH/s while the unit price for S21 and S21 hydro is $17.5/TH/s.

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Bitfarms exercised the option after seeing positive test results on the first batch of the November preorder.

“With bitcoin achieving new all-time high prices and having already confirmed the tremendous performance from our T21 miners currently running, Bitfarms acted quickly to secure additional T21 and S21 miners before anticipated hardware price increases,” Bitfarms CEO Geoff Morphy said in the statement.

According to its February production update, Bitfarms ended the month with 6.5 EH/s in installed hashrate. With over 16 EH/s on order, it expects to reach over 21 EH/s by the end of 2024.

Bitfarms has been consistently liquidating its monthly bitcoin production to pay for operational expenses and reduce debts. It extinguished the remaining loans payable in February.

On Friday, Bitfarms announced a new at-the-market offering aiming to raise as much as $375 million in equity to fund the miner purchases and infrastructure expansion.