Bitfarms is actively working to triple its current hash rate capacity to 21 exahashes per second (EH/s) with a $240 million investment.
The impact of the fourth Bitcoin (BTC) halving has led Bitfarms to report its lowest monthly earnings in over two years.
The mining firm earned 269 BTC in mining rewards and transaction fees in April 2024. The company is undergoing a $240 million upgrade for its Bitcoin mining equipment in an effort to remain profitable amid permanently reduced rewards.
Once the upgrade — which involves the acquisition of 88,000 highly efficient Bitcoin miners — is completed, Bitfarms will triple its current hash rate capacity to 21 exahashes per second (EH/s).