According to Foresight News, Bitfarms, a Bitcoin mining company, has announced the purchase of 28,000 T21 Bitcoin miners in March, along with an additional 19,280 T21 miners, 3,888 S21 miners, and 740 S21 hydro miners. Ben Gagnon, the Chief Mining Officer at Bitfarms, stated that the company received 1,650 T21 miners in March, with 6,400 more on the way. Most of the received miners have already been installed. In March, Bitfarms produced 286 BTC, slightly less than the 300 BTC produced in February.
As part of its regular financial management process, Bitfarms sold 284 of the 286 Bitcoins it produced in March, generating a total revenue of $19.2 million. The number of BTC held in Bitfarms' treasury increased to 806, equivalent to $56.7 million based on the BTC price of $70,400 as of March 31, 2024. As of the same date, Bitfarms held $66 million in cash, with a total of $123 million in liquid assets.
According to Cointelegraph, Bitfarms plans to invest nearly $240 million to upgrade its Bitcoin mining equipment, aiming to remain profitable after the Bitcoin halving in 2024.