The fundamental activity for the maintenance of the crypto world is cryptocurrency mining. And when it comes to Bitcoin, this activity is primarily carried out by large cryptocurrency farms. Therefore, monitoring the activity of these companies is a good indicator of the confidence that exists in the future of BTC. Confidence that appears to be at high levels now that it has been announced that Bitfarms will buy 48,000 Bitcoin mining machines.
Everything you need to know about Cardano’s Hard Fork. Since the beginning of last year, the flow of large capital to the Bitcoin market has been getting bigger and bigger. This is natural, considering the strength of the last major Bitcoin rally. Which has positioned the cryptocurrency at $ 51,000 per BTC at the time of writing this article.
However, investments in Bitcoin have not been directed solely at the purchase of the virtual currency in the crypto-asset market. If not, a good portion of this capital has been invested in Bitcoin mining. Basic activity by which users of the BTC network share part of their computing power for the execution of Bitcoin operations, in exchange for a reward in BTC.
Thus, thousands of Bitcoin mining machines are working day and night right now. Creating what several environmental groups already consider a global problem, due to the amount of electricity that these machines consume. What contributes to the climate crisis that affects our planet. A problem that hasn’t stopped Bitfarms, the Canadian mining farm that announced the purchase of thousands of new mining machines.
Max Keizer: Bitcoin Price Has No Limits Because Fiat Currency Has No Bottom. Bitfarms invests in the crypto market.
In this way, Bitfarms would be acquiring a total of 48,000 new Bitcoin Microbt Whatsminer mining machines. They will add a computing power of 5 Exahashes per second to the Bitcoin network, and will be purchased from the Chinese company manufacturer of mining machines, Microbt.
This is not Bitfarms’ first acquisition of equipment created by Microbt. Well, in the last 8 months the company would have already bought around 12,000 mining machines from the company. Expecting the new 48,000 machines to start arriving in January 2022 or earlier. In a move that Bitfarms CEO Emiliano Grodzki says aims to counteract the shortage of mining equipment globally.
“ The supply of miners will be one of the biggest challenges in the immediate future due to the global shortage of disks that are used to create semiconductor chips, which is a vital component in mining machines. Our strategy will be to continue growing our own infrastructure and professional operations and mining at our own facilities, increasing operational efficiency and profitability . ”
In this way, Bitfarms would be outlining a long-term strategy for its mining activities. Which shows, on the one hand, the economic solvency of the sector. And on the other, the confidence of investors in the future of cryptocurrency.