The Bitcoin mining sector has seen a substantial boom and is likely to prosper humongous in the future, all thanks to the ever-rising prices of Bitcoin. With increased mainstream adoption and high institutional investments in Bitcoin, Bitcoin mining would be much in demand.
Foreseeing the same, Canadian miner company Bitfarms has deployed additional 1000 Whatsminer M31S mining rigs and would also get 3,000 Whatsminer M31s in February 2021.
Bitfarms Increases Its Computational Efficiency
Decentralized finance is growing at an unprecedented rate, and Bitfarms is looking to expand its mining and computing capabilities. By adding the new miners, the hash rate of the company grows over 965 petahash.
The company has announced that the new 1000 miners have been deployed in the Bitfarms data center. After the addition of the Whatsminer M31S miners next year, the computing power would increase to 1.2 Exahash. It would significantly boost the company’s capabilities as it strives to reach the goal of 3 Exahash. Bitfarms is one of the largest and most inexpensive bitcoin mining operators across the world.
The blockchain infrastructure company touts running the largest cryptocurrency mining facilities in North America, powering global decentralized finance markets. The firm runs five facilities in Quebec, Canada.
In an official announcement, Bitfarms said that with the increasing price of Bitcoin, Bitcoin miners have a significant role to play in the cryptocurrency industry. Thus it is important to increase the computing power. In the last six months, the company has added over 6 thousand new generation miners; as the price of BTC surges, the gross mining margin of Bitfarms has also increased by 68 percent.
As per the press release, Bitfarms management predicts that there would be an improvement of 1.7 percent in the computing power-to-electricity efficiency ratio of the firm taking the number to 18.1 PH/MW from 17.8PH/MW. The firm is one of the most cost-effective and highest scale Bitcoin producers in the world. The company also announced g1,624,600 management incentive options to its officers, employees, and consultants.
Bitcoin mining firms across the world are increasing their capabilities looking forward to the increasing demand for Bitcoin in coming years.
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.