Bitfarms holds $66 million in cash and 806 BTC in its treasury, giving it a total liquidity of $123 million.
Bitcoin (BTC) mining company Bitfarms will invest nearly $240 million to upgrade its Bitcoin mining equipment as it aims to remain profitable after the Bitcoin halving in 2024.
Bitfarms’ prep work for the Bitcoin halving revolves around performance and profitability. Speaking to Cointelegraph, Bitfarms chief financial officer Jeffrey Lucas laid out the firm’s drive to procure 88,000 highly efficient Bitcoin miners.
Bitfarms previously purchased 35,888 of Bitmain’s Bitcoin Miner T21. Other efforts include exercising a purchase option to acquire an additional 28,000 T21 miners and further purchases of 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners and 740 Bitmain S21 hydro miners.
