Bitfarms recently completed upgrades to its Bitcoin mining facilities in Quebec, enhancing its total hash rate to 7 EH/s. The company deployed over 5,000 T21 miners across two locations in Quebec, Canada, optimizing energy efficiency by approximately 51%.

At the Garlock facility in Quebec, Bitfarms installed 3,168 T21 devices, and at the Farnham site, 1,710 T21s and 100 M53S+ hydro miners were activated. Geoff Morphy, Bitfarms' President and CEO, underscored the significance of these upgrades in enhancing operational efficiency in preparation for Bitcoin's imminent halving event.

Looking ahead, Bitfarms aims to introduce an additional 30,000 miners in the current quarter, expanding operations in existing sites such as the newly established facility in Paso Pe, Paraguay. These additions will propel Bitfarms towards its 2024 objectives of achieving hash rates of 12 EH/s and 21 EH/s, further solidifying its market presence and growth trajectory.

As the impending halving event approaches, numerous companies, including Bitfarms, are ramping up their capabilities in anticipation of reduced mining rewards per block. CleanSpark, another prominent industry player, recently announced an increase in its hash rate to 17 EH/s, positioning itself favorably for the upcoming event.

Marathon, Hut 8, Cipher Mining, and Stronghold Digital Mining are among the companies making strategic expansions to navigate the challenges posed by halving, emphasizing the importance of operational efficiency in sustaining profitability post-event.