According to Foresight News, Bitcoin mining company Bitfarms announced that it exercised its previously announced purchase option of 28,000 Bitmain T21 mining machines in March and purchased an additional 19,280 Bitmain T21 mining machines and 3,888 Bitmain S21 mining machines. and 740 Bitmain S21 hydro mining machines. Ben Gagnon, chief mining officer of Bitfarms, said: "In March, Bitfarms received 1,650 T21 mining machines, and 6,400 mining machines are in transit. Most of the mining machines received have been installed. Bitfarms produced 286 in March BTC, 300 BTC were produced in February.
In March, as part of the company's regular financial management process, Bitfarms sold 284 Bitcoins of its March output of 286 Bitcoins, for total proceeds of $19.2 million. The number of BTC held in Bitfarms’ vaults increased to 806, equivalent to $56.7 million based on a BTC price of $70,400 on March 31, 2024. As of March 31, 2024, Bitfarms held $66 million in cash and had total liquidity of $123 million.
According to Cointelegraph, Bitfarms will invest nearly $240 million to upgrade its Bitcoin mining equipment with the goal of remaining profitable after the Bitcoin halving in 2024.
