Bitfarms - Founder and CEO, Emi Grodzki (Right)
Founder and CEO, Emi Grodzki (Right)
Source: CTech
  • Cryptocurrency company, Bitfarms (TSXV:BITF) has used internally developed cash flow to purchase 1,847 WhatsMiner M20S miners
  • The new mining equipment will increase the company’s computing power and efficiency 
  • Bitfarms expects the miners’ delivery in four to five weeks, and their installation by early July
  • In other news, the company has reported a number of management changes, including two appointments and one resignation
  • Bitfarms (BITF) is up 2.08 per cent and is currently trading at C$0.49 per share

Cryptocurrency company, Bitfarms (TSXV:BITF) has used internally developed cash flow to purchase 1,847 WhatsMiner M20S miners.

Each WhatsMiner M20S miner produces 72 terahashes per second of computing capacity, on average. It also consumes approximately 3.46 kilowatt hours, or 48 joules per terahash. 

Together, the miners will utilise an approximate aggregate of 6.2 megawatts of electricity, which Bitfarms will power through its hydroelectricity supply.

The company expects the new equipment to arrive in four to five weeks’ time. Bitfarms plans to have them installed and operational by early July of this year.

Once operational, the new cryptocurrency equipment will add approximately 133 petahash per second to Bitfarms’ computing power. It will also improve the company’s computing efficiency by over 15 petahashes per megawatt.

Bitfarms’ CFO and new COO, John Rim, commented on the equipment purchase.

“We are pleased that the company has been able to utilise its working capital to capitalise on historically low equipment pricing for the acquisition of the latest batch of mining equipment.

“This equipment will further extend the company’s position as the most efficient publicly traded cryptocurrency miner in Canada, in terms of computing power relative to electricity consumption,” he said.

In other news, the company reported a number of changes to its management team. These include two appointments and one resignation.

John Rim, who has been Bitfarms’ Chief Financial Officer since May, 2018, is now taking on an extra role. In addition to his CFO position, he will also take on the responsibilities of the company’s Chief Operating Officer. 

Bitfarms has also appointed Nicholas Bonta as the company’s Chief Development Officer. He will be responsible for strategic corporate and business development.

The company’s Executive Vice President and General Counsel, Ryan Hornby has resigned from his position at Bitfarms. The company, which currently enjoys counsel from its external law firms, does not plan to hire a replacement for Ryan.

Bitfarms’ Interim CEO, Emi Grodzki, commented on the changes to the company’s management team.

“We are very pleased to add Nico as our Chief Development Officer, and for John to take on the additional role of Chief Operating Officer. We have a strong, commercially experienced, and cohesive management team with proven track records, and we remain committed to growing our company,” he said.

Bitfarms (BITF) is up 2.08 per cent and trading at C$0.49 per share at 10:28am EDT.

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