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Bitfarms | 6-K: Report of foreign private issuer [Rules 13a-16 and 15d-16]

SEC announcement · Mar 11 16:48

BITF -3.06%

Summary by Moomoo AI

On March 11, 2024, Bitfarms Ltd., a global Bitcoin mining company, announced the expansion of its mining operations by fully exercising a purchase option for 28,000 Bitmain T21 miners and acquiring an additional 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 Hydro miners. The company's President and CEO, Geoffrey Morphy, stated that these acquisitions are expected to enable Bitfarms to reach a hashrate of 21 EH/s in 2024 without needing to redeploy older miners, which are planned to be liquidated to offset the cost of the new equipment. The purchases are part of Bitfarms' strategy to capitalize on the rising Bitcoin prices and to operate one of the most powerful mining fleets in the industry. Bitfarms, founded in 2017, operates 11 Bitcoin mining facilities with two under development across Canada, the United States, Paraguay, and Argentina, focusing on sustainable energy sources for its operations.

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