Bitfarms Adds 2,500 New A10 Avalon Miners To Increase Capacity As Bitcoin Hashrate Soars
The Canadian company purchased 25,000 A10 Avalon miners in a bid to boost their mining capacity. This happens even as it becomes harder for new bitcoins to be mined. It is attributed to the fact that the Bitcoin hash rate is going higher and higher almost daily.
These new A10s were initiated in March, and they offer mighty computational power. They are also known to take in less energy as compared to the older models. The mining power of Bitfarm is expected to rise to 51 megawatts all thanks to the new miners. It may, however, look like a lot of energy but compared to the power the entire Bitcoin network produces this is just a tip of the iceberg.
Experts estimate that Bitcoin network churns through 73 Terawatt hours in one year. Bitcoin hash rate is simply a measure of all the computing power of the available Bitcoin miners in the world. This covers those miners who mine Bitcoins using computational energy.
Wes Fulford, who is Bitfarm’s CEO, said that these new arrivals would more than double that hash power that was reported by the company in 2019’s second quarter. Bitcoin miners are being forced to mine more because there is increased competition in the industry for new Bitcoin rewards.
The hash rate is currently above 100 quintillion hashes in every second and this only means one thing. Miners will have to be more aggressive in their mining activities and acquire more powerful and bigger miners to remain in the field and make profits.
The Canadian mining industry is well aware of this fact, and it is the reason most of the firms are looking to add more powerful equipment to their mining activities. Blockstream, which is a blockchain company in Canada, has already come up with a mining pool with Hydro Quebec, a utility provider.
Blockstream is widely known because it deals with Bitcoin Lightning Network and they decided to have this pool back in August. The utility company assured miners that energy would be cheap and it did put aside some megawatts for a couple of companies.
In fact, the major problem with prominent organizations like Innosilicon is the increased price of Bitcoin. It makes them not live up to miner’s expectations.