On April 12, Bitfarms announced the completion of upgrades to its Bitcoin mining facilities in two locations, boosting its total hash rate to 7 EH/s. The company deployed over 5,000 T21 miners across its facilities in Québec, Canada.

At its Garlock site, Bitfarms installed 3,168 T21 devices, while at its Farnham location, it deployed 1,710 T21s and 100 M53S+ hydro miners. These upgrades enhance energy efficiency by approximately 51%. Geoff Morphy, President and CEO of Bitfarms, highlighted the significance of efficiency, emphasizing its preparatory nature for Bitcoin's forthcoming halving event. Bitfarms plans to roll out an additional 30,000 miners this quarter, aiming to approach its 2024 targets of 12 EH/s and 21 EH/s.

Bitfarms' expansion is part of a broader trend among companies gearing up for Bitcoin's impending halving event, slated for April 19. CleanSpark also increased its hash rate to 17 EH/s, with CEO Zach Bradford expressing confidence in the company's efficiency and anticipating network improvements as competitors with older, less efficient machines exit. Marathon, Hut 8, Cipher Mining, and Stronghold Digital Mining are among other companies planning expansions in anticipation of the halving.

Despite the halving's potential to reduce mining rewards per block and impact profitability, more efficient operations could mitigate these effects.