Bitfarms Ltd. - President & COO, Geoff Morphy.
President & COO, Geoff Morphy.
Source: Twitter.
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  • Bitcoin mining company, Bitfarms Ltd. (BITF), has completed the second phase of its expansion of The Bunker location
  • The expansion provided an additional 18 megawatts and boosted production to over 16 bitcoin per day
  • 9,450 miners have been installed with more to come in the following phase 3
  • Phase three will build-out for an additional 12 megawatts and is underway
  • Bitfarms Ltd. (BITF) is up 6.86 per cent and is trading at $1.87 per share as of 4:02 p.m. ET

The bitcoin mining company, Bitfarms (BITF), has completed the second phase of its expansion of The Bunker, providing an additional 18 megawatts.

This has also boosted the company’s corporate hashrate by 200 petahash per second (PH/s) to a total of 3.8 exahash per second (EH/s) bringing its’ production rate to above 16 bitcoin per day.

 “Together with an additional three megawatts of low-cost hydropower that went online this month at our mining facility in Washington state, our total operating capacity is now 158 MW…, a 15 per cent increase [production] from 14.6 bitcoin per day at the end of June,” Geoff Morphy, President and COO of Bitfarms, said.

As a part of the company’s phase 2 expansion, 9,450 miners have been installed. When combined with phase 1, The Bunker operates at 36 megawatts and yielding 848 PH/s.

According to Bitfarm, phase 3 of The Bunker build-out (12 megawatts) has started. This phase will capacitate another 3,250 miners and produce approximately 325 PH/s, and the company is expecting its completion later this year.

“This past week, we have been selectively redeploying some mining assets while continuing to bring new miners online… the net effect is we expect to experience a more gradual increase in our hashrate and reach our 4 EH/s goal in early August… we remain confident in executing our current international growth plan and achieving 6 EH/s by year end,” Morphy, said.

Bitfarms is a global Bitcoin self-mining company, running vertically integrated mining operations.

Bitfarms Ltd. (BITF) is up 6.86 per cent and is trading at $1.87 per share as of 4:02 p.m. ET.

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