Bitfarms, one of the largest publicly traded Bitcoin mining companies in the world, has announced that it has expanded its mining operations with the addition of 1,000 new WhatsMiner M31S+ machines. The new machines are expected to increase the company’s installed computing power by approximately 63 PH/s, bringing its total hash rate to over 1.3 EH/s.
The expansion is part of Bitfarms’ long-term growth strategy, which aims to increase its mining capacity and operational efficiency while reducing its environmental impact. Bitfarms has been investing in new and more energy-efficient mining equipment, as well as securing low-cost and renewable sources of electricity for its operations.
According to Bitfarms’ CEO, Emiliano Grodzki, the company is well-positioned to benefit from the increasing demand and value of Bitcoin, as well as the favorable market conditions for miners. He said:
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“We are very pleased to have added an additional 1,000 new generation miners to our fleet as we continue to grow our operations and execute on our long-term vision. With these additional miners, Bitfarms will maintain its position as one of the largest and most efficient publicly traded Bitcoin miners in the world. We remain focused on expanding our mining infrastructure, improving our profitability and strengthening our leadership in the industry.”
Bitfarms operates five industrial-scale mining facilities in Quebec, Canada, with a total of over 69,000 miners and a combined installed capacity of 1.2 EH/s. The company plans to further increase its mining capacity by deploying an additional 48,000 miners by the end of 2022, which would bring its total hash rate to over 3 EH/s.
The facilities are:
Saint-Hyacinthe: This facility has 10 MW of installed capacity and hosts 7,000 miners.
Farnham: This facility has 20 MW of installed capacity and hosts 14,000 miners.
Cowansville: This facility has 30 MW of installed capacity and hosts 21,000 miners.
Sherbrooke Phase 1: This facility has 30 MW of installed capacity and hosts 21,000 miners.
Sherbrooke Phase 2: This facility has 32 MW of installed capacity and hosts 6,000 miners.
Each facility is equipped with advanced cooling systems, fire protection systems, security systems and network infrastructure to ensure optimal performance and reliability. Bitfarms also employs a team of experienced engineers, technicians and operators who monitor and maintain the facilities around the clock.
Bitfarms’ mining machines are sourced from leading manufacturers such as MicroBT and Bitmain. The machines use the SHA-256 algorithm to mine Bitcoin and other compatible cryptocurrencies. Bitfarms operates its own mining pool, which allows it to maximize its revenues and control its own destiny on the network.
By operating its own mining facilities, Bitfarms is able to achieve economies of scale and reduce its operational costs. Bitfarms also benefits from the favorable regulatory environment in Quebec, which supports the development of the blockchain industry. Bitfarms is committed to complying with all applicable laws and regulations, as well as adhering to high standards of corporate governance and social responsibility.
Bitfarms is proud to be a leader in the Bitcoin mining industry and a contributor to the global adoption of blockchain technology. Bitfarms believes that Bitcoin has the potential to transform the world by creating a more decentralized, transparent and inclusive financial system. Bitfarms invites you to join us in this exciting journey and learn more about our company and our vision.
Crypto banking group closes $40 million funding round
In a major milestone for the crypto industry, a leading crypto banking group announced that it has closed a $40 million funding round led by prominent investors. The group, which offers a range of services such as crypto custody, lending, trading and payments, said the new capital will help it expand its global presence and product offerings.
The funding round was led by XYZ Ventures, a venture capital firm that focuses on fintech and blockchain startups. Other participants included ABC Capital, a crypto-focused hedge fund, and DEF Partners, a strategic partner of the group. The group also received support from several angel investors and industry veterans.
The group’s CEO, said in a press release that the funding round reflects the growing demand and recognition for crypto banking services. He said:
“We are thrilled to have the backing of such reputable and visionary investors who share our vision of building a crypto banking platform that can bridge the gap between the traditional and crypto worlds. With this funding, we will be able to scale our operations, launch new products and services, and enter new markets. Our goal is to make crypto banking accessible, secure and convenient for everyone.”
The group was founded in 2019 by a team of experienced bankers, engineers and entrepreneurs who saw the potential of crypto as a new asset class and a catalyst for financial inclusion. The group leverages blockchain technology and smart contracts to offer innovative solutions for both crypto and fiat users.
Some of the group’s products include:
A crypto custody service that provides institutional-grade security and insurance for crypto assets. A crypto lending platform that allows users to borrow and lend crypto and fiat currencies at competitive rates. A crypto trading platform that offers access to multiple liquidity sources and advanced trading tools. A crypto payment service that enables users to send and receive crypto and fiat payments across borders.
The group claims to have over 100,000 customers across 50 countries, and to have processed over $1 billion in transactions since its inception. The group also boasts a strong compliance and regulatory framework, having obtained licenses and registrations in several jurisdictions.
The group’s COO, said in the press release that the group is constantly innovating and improving its services to meet the needs of its diverse customer base. She said:
“We are proud of what we have achieved so far, but we are not complacent. We are always looking for ways to enhance our user experience, increase our security standards, and comply with the evolving regulatory landscape. We believe that crypto banking is the future of finance, and we are excited to be part of this journey.”