These purchases are in addition to the 1,500 M31S+ previously announced for delivery in June for a total of 280 PH/s of new equipment to be installed in our Cowansville expansion expected to be complete in July.
This compares to nearly US$120 per TH/s for new generation equipment on the spot market today, providing a near immediate return on investment.
During this time, Bitfarms has mined and retained over 650 Bitcoin in reserve, currently valued at US$41 million at US$63,000 per Bitcoin and is currently adding approximately 7.5 Bitcoin per day to inventory.
With the planned new miner purchases, ongoing miner repairs, Bitfarms expects to increase its total hashrate to approximately 1.6 EH/s by August.
On February 4, 2021, we announced our intention to pursue an additional stock exchange listing for the Company in the United States.
Founded in 2017, Bitfarms is one of the one of the largest, oldest and most cost-effective public bitcoin mining operations in the world.
Having demonstrated rapid growth and stellar operations, Bitfarms became the first Bitcoin mining company to complete its long form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Other forward-looking information includes but is not limited to information concerning: the intentions, plans and future actions of the Company, as well as Bitfarms’ ability to successfully mine digital currency, revenue increasing as currently anticipated, the ability to profitably liquidate current and future digital currency inventory, volatility of network difficulty and digital currency prices and the resulting significant negative impact on the Company’s operations, the construction and operation of expanded blockchain infrastructure as currently planned, and the regulatory environment of cryptocurrency in the Provinces of Canada.