Bitfarms expands fleet with 4,660 new bitcoin miners

Bitfarms ( NASDAQ: BITF ) bought 550 PH/s of new high efficiency bitcoin miners for $7.7M to expand its fleet while improving average operating costs and minimizing capital expenditures, the bitcoin-mining company said Wednensday. The company purchased a total of 4,660 miners for $13.94/TH with a blended energy efficiency of 28W/TH. It paid for the equipment using a combination of cash and vendor credits. "We secured additional miners to build our momentum in Argentina and Quebec," Ben Gagnon, chief mining officer of Bitfarms ( BITF ) said. "Representing 550 PH/s, these miners will be used for expansion and fleet optimization and we expect these miners to push our corporate hashrate beyond our Sept. 30, 2023 target of 6 EH/s." Of the new equipment, 1,500 miners are scheduled to be sent to Argentina with the remaining 3,160 to be shipped to Quebec, a portion of which are expected to replace less efficient miners. When fully deployed, the miners are expected to improve energy efficiency 11% in Argentina to 33 W/TH and 3% companywide to 37 W/TH. All of the new miners are expected to be online in Q3 2023. Bitcoin ( BTC-USD ) traded at $26.6K in early Wednesday trading, up 3.5% over the past 24 hours. More on Bitfarms: Bitfarms mines 459 BTC in May Bitfarms snags Overweight rating at Cantor on growth prospects Bitfarms: Strategic Genius Preparing for the Halving Bitfarms: Time to Play Catch Up Bitfarms Q1 loss per share better than feared