Breaking News: Shares of the renowned Bitcoin miner Bitfarms Ltd BITF are soaring high today. The spectacular surge comes on the heels of a major announcement by the company about a significant upgrade to its mining fleet.
Diving into the Upgrade: Bitfarms made a bold move by acquiring 35,888 Bitmain T21 miners at an attractive price of $2,660 per unit, with the delivery and installation expected to be completed at its facilities in the first half of 2024. The company has also confirmed having adequate liquidity to fulfill the purchase obligations for this order. What’s more, Bitfarms has secured a purchase option for an additional 28,000 Bitmain T21 miners. This aggressive upgrade is aimed at achieving a whopping 17 EH/s by the second half of 2024, with plans for a monumental 21 EH/s in the following year, as confidently conveyed by Bitfarm’s president and CEO, Geoff Morphy.
The management has scheduled a conference call for Tuesday at 8:30 a.m. ET to delve into the details of their transformative fleet upgrade plans.
Notable Mention: Bitcoin, Ethereum, Dogecoin Dip Ahead Of Macro Volatility Triggers As November Ends: Analyst Predicts Ethereum To Rally Over 80% To $3600
Market Response: Bitfarms shares have seen an impressive 16% surge on Tuesday morning, currently trading at $1.23, according to Benzinga Pro.
Photo: Eivind Pedersen from Pixabay.