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Mining company Bitfarms has placed an order for 35,888 Antminer T21 Bitcoin mining devices from Bitmain at a price of $2,660 per unit.

According to the statement, the transaction amount will be about $95.5 million. Equipment delivery is expected in March-May 2024, and Bitfarms also received an option to purchase an additional 28,000 Antminer T21.

After deploying the purchased installations, the company expects to increase the hashrate to 12 EH/s with an installed capacity of 310 MW in the first half of 2024. 

By the end of the year, the figures should reach 17 EH/s and 391 MW, respectively. Hashrate is directly proportional to the profitability of a miner or mining pool.

The higher the miner’s hashrate, the higher the block mining speed and the chance of receiving a reward for its creation. The new devices are expected to significantly increase the ability for miners to mine Bitcoin (BTC).

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According to Bitfarms President and CEO Jeff Morphy, “the most attractive prices for equipment since 2020” allowed the company to launch a comprehensive program to modernize the company’s miner fleet. The average energy efficiency of the firm’s equipment should rise to 23 W/TH as a result, he added.

“This strategy is expected to significantly increase efficiencies along with lower unit production costs and dramatic hashrate growth, positioning us well for the upcoming Halving and beyond.”

To partially finance the purchase of equipment, Bitfarms will use $60 million CAD Canadian dollars, $44.1 million USD, raised as a result of an additional private placement of shares.

#Bitfarms Announces C$60 Million Private Placement with U.S. Institutional Investors

The net proceeds of the private placement will be used by the Company mainly to acquire additional miners, expand infrastructure, and improve its working capital position.

🔗 Press Release:… pic.twitter.com/gzjxe0IsxO

— Bitfarms (@Bitfarms_io) November 24, 2023

Bitmain introduced the Antminer T21 in October. The installation is slightly inferior in hashrate and energy consumption to the flagship S21 announced in August. 

The device is designed for mining cryptocurrencies using the SHA-256 algorithm, including Bitcoin, Bitcoin Cash and Bitcoin SV.