Bitfarms, a Bitcoin (BTC) mining company, is set to invest close to $240 million in upgrading its Bitcoin mining equipment to ensure profitability post the Bitcoin halving in 2024.

The company's focus on preparing for the halving revolves around enhancing performance and profitability. According to Jeffrey Lucas, the chief financial officer of Bitfarms, the company aims to procure 88,000 highly efficient Bitcoin miners.

This includes the purchase of 35,888 Bitmain Bitcoin Miner T21 units and exercising a purchase option for an additional 28,000 T21 miners, along with further acquisitions of 19,280 Bitmain T21 miners, 3,888 Bitmain S21 miners, and 740 Bitmain S21 hydro miners.

Bitfarms mined 286 BTC in March 2024, with a monthly operating hash rate of 6.5 exahashes per second (EH/s), compared to 424 BTC mined in March 2023 with a hash rate of 4.8 EH/s, underscoring the significance of increasing hash rate capacity for profitability.

The company has sold almost all the Bitcoin it mined over the past two months to reinvest in expanding its mining fleet. This fleet upgrade is expected to triple Bitfarms' hash rate to 21 EH/s, increase its targeted operating capacity by 83% to 440 megawatts (MW), and improve fleet efficiency by 40% to 21 w/TH.

Bitfarms holds $66 million in cash and 806 BTC in its treasury, providing it with total liquidity of $123 million. Lucas emphasized the company's proven ability to leverage operational expertise for achieving industry-leading performance and profitability.

Additionally, Texas-based Bitcoin miner Giga Energy has expanded into Argentina to utilize wasted energy from natural gas flaring in the nation's oil fields. Giga converts methane released during gas flaring into electricity to power its Bitcoin mining rigs, although profitability is yet to be achieved as it awaits the importation of necessary equipment for scaling operations in the region.