Bitcoin Mining Company Bitfarms Reaches Record High Hashrate

• A hashrate of 5 exahash per second was attained on Thursday.
• The organization credits this record high to enhanced production from its facility in Argentina.

Bitfarms, a Bitcoin mining company, has informed its investors of a significant achievement due to its expanded activities in Argentina. A hashrate of 5 exahash per second (5 quintillion hashes per second) was attained on Thursday, establishing a new benchmark for the firm.

The organization credits the record high to increased production from its Argentina facility, which commenced operations last year. The Rio Cuarto plant, which began functioning in September, immediately boosted Bitfarms’ hashrate from 3.9 to 4.1 EH/s.

Additional Machinery Underway

This growth is ongoing as the company capitalizes on the low-cost energy available in the region. Recently, 2,100 additional miners were activated, and several “underclocked” miners were upgraded to full capacity, contributing to the current increase.

Bitfarms CEO Geoff Morphy described the event as “exciting,” emphasizing that it represents the culmination of two years of dedicated effort by the company’s team and will lead to Bitfarms’ largest, most advanced, and cost-effective facility. He further stated that due to the company’s ongoing expansion, they anticipate reaching a hashrate of 6 EH/s by the end of the year.

Chief mining officer Ben Gagnon forecasted earlier this week that the company’s total hashrate would rise to 5.7 EH/s following the activation of 6,200 newly acquired Bitmain and MicroBT miners. There are currently additional orders being processed for new equipment.

Bitfarms is a publicly traded entity with ten mining operations located in Canada, the United States, Paraguay, and Argentina. The company is listed on both the Nasdaq and the Toronto Stock Exchange.