BitFarms and Marathon Digital are expanding their capacity to mine the No. 1 cryptocurrency.
Despite bitcoin’s price being below $20,000 again, BitFarms and Marathon Digital bitcoin miners, whose shares are traded on the Nasdaq New York Exchange, continue to increase their capacity to mine the No. 1 cryptocurrency. Given that they are publicly traded corporations, these decisions are made de facto with the consent of the organizations’ board of directors, as well as the opinion of shareholders.
BitFarms origins mines bitcoins at two sites in Argentina, the fourth country where it operates. The two sites in Argentina are currently operating at a capacity of 10 mW, with the potential to grow to 100 mW. Currently, BitFarms’ corporate mining capacity at 10 sites worldwide is 176 mW. Thus, the company is working to significantly increase its capacity. Currently, corporate hashrate BitFarms has exceeded 4 Eh/s.
The increase in capacity in Argentina is planned over the coming months to reach an additional 40 mW of capacity on December 31 this year, and BitFarms plans to launch a second site in that country, up to 50 mW, in early April. The organization said that they have entered into an attractive eight-year energy contract with a local energy supplier.
Another public company, Marathon Digital, intends to continue investing in expanding its mining capacity with a plan to reach 23 Eh/s by mid-2023.
The key takeaways from these two miners is that both BitFarms’ 8-year energy contract and Marathon Digital’s capacity expansion work, which focuses on active processes to build a fleet of mining equipment through mid-2023 and further operate these machines, are indicative of the long-term plans for these public companies’ presence in bitcoin mining. This, in turn, is a signal that these companies are confident that the bitcoin price will once again be on an upward trajectory.