Share this article
Mining Firm Bitfarms Set to Reach 1.2 EH/s Hashrate, Deploy 3,000 New Machines
Bitfarm shares have soared 230% in December.
By Zack Voell
Updated Mar 6, 2023, 3:32 p.m. Published Dec 22, 2020, 5:55 p.m.
Publicly traded bitcoin mining company Bitfarms (BITF)https://hashrateindex.com/stocks/bitf-cv announced its deployment of 1,000 Whatsminer M31S mining machines with another 3,000 set to be deployed in Q1 2021.
- The mining capacity expansion is set to push Bitfarm's hashrate above 1.2 exahashes per second (EH/s), per an announcement shared with CoinDesk, just over one third of its target 3 EH/s hashrate.
- To date in 2020, the Toronto-based firm has acquired or deployed nearly 6,000 new machines, according to prior press releases.
- Other mining companies, including Colorado-based Riot Blockchain (RIOT)https://hashrateindex.com/stocks/riot, are on shopping sprees for new mining machines as leading manufacturers like Bitmain have sold out until Q3 2021. Strong demand has pushed miners to secondary markets as they scrounge for any available machines, per CoinDesk's prior reporting.
- Shares of Bitfarms are trading hands around $2.62 at last check, a more than 230% gain to date this month.
- Bitcoin gained roughly 20% over the same period.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Update (Dec. 22, 18:02 UTC): Added a total count of machines deployed and acquired in 2020.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ICP Rises, Keeping Price Above Key Support Levels
Internet Computer rose, keeping the price above the $3.40 support zone, with early session volume spikes failing to produce a sustained breakout.
What to know:
- ICP rose 0.6% to $3.44 as early session volume surged 31% above average before fading.
- Resistance near $3.52–$3.55 rejected multiple breakout attempts, keeping the token range-bound.
- Support between $3.36–$3.40 held firm, maintaining ICP’s short-term higher-low structure.
Top Stories
