Mining firm Bitfarms has significantly improved the network hashrate of the leading cryptocurrency by deploying 5,000 modern rigs across two facilities in Canada, bringing the total hashrate to 7 EH/s.
The company has also announced their plans to connect over 5,000 more Antminer T21 rigs at three sites, including one in Paraguay, in the second quarter of 2024.
This move is expected to achieve their targets of 12 EH/s and 21 EH/s in the coming years, while also significantly increasing their energy efficiency.
According to Chief Mining Officer Ben Gagnon, this quarter alone, Bitfarms has already deployed an additional 30,000 miners, which will further boost their hashrate.
The company currently operates in 11 locations across Canada, the USA, Paraguay, and Argentina, with a focus on utilizing renewable energy sources.
