Bitfarms, a Bitcoin mining company, has made a significant purchase of 87,796 miners in order to increase output and efficiency ahead of the halving event. The decision to buy out major miners was influenced by both the price of Bitcoin and the surge in demand for computing gear.
In a social media post on April 2, Bitfarms expressed their intentions to expand their farm, acquire more miners, and increase their capacity this year. By the end of 2024, the purchase will have resulted in an operating capacity of 21 EH/s.
The team at Bitfarms made this bold move in light of the current performance of T21 miners and their plans to prepare for the impending Bitcoin halving. They recognized the need to expand in order to keep up with the growing demands of the industry.
One of the factors that influenced the decision to buy out major miners was the price of Bitcoin. Bitfarms took advantage of the recent all-time high in asset price and purchased the miners before the hardware price rise.
The recent buzz around artificial intelligence (AI) and mining has caused a sharp increase in the price of hardware components. Crypto miners have been rushing to acquire computing gear, even resorting to purchasing used equipment from the U.S. This surge in demand further motivated Bitfarms to secure their supply of miners.
Like many other Bitcoin miners, Bitfarms is prioritizing growth in response to the rising asset values and the increasing acceptance of cryptocurrencies in various countries.
In other crypto news today, analysts are discussing the potential for Cardano to repeat its rally, with mind-blowing price targets being revealed.