According to Cointelegraph, the Bitcoin mining company Bitfarms announced a major investment plan aimed at ensuring that it can remain profitable after the Bitcoin reward halving event in 2024 by upgrading its mining hardware. Here’s another way to put the report:

Bitfarms plans to invest approximately $240 million to upgrade its Bitcoin mining equipment.

The company intends to purchase 88,000 new and efficient Bitcoin mining machines.

With this hardware upgrade, Bitfarms expects to triple its computing power to 21 EH/s (21 exahash per second).

Target operating capacity is expected to increase by 83% to 440 megawatts (MW).

The efficiency of the new mining rig is expected to increase by 40%.

At the time of reporting, Bitfarms held $66 million in cash and 806 Bitcoins on hand, bringing its total liquidity to approximately $123 million.

This upgrade is Bitfarms’ preparation for the Bitcoin network’s reward halving event that occurs every four years. The halving will result in fewer new Bitcoin rewards for miners, so increasing mining efficiency and reducing operating costs are critical to staying profitable.

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