- Bitfarms having an acquisition of 48,000 Microbt
- The viewpoint of expansion leads to the purchase of machines
- The strength to add operational infrastructure by the firm
The Deal Perpspective
To capture the market of virtual currencies, Bitfarms, the Canadian bitcoin mining company, has announced the introduction of 48,000 microbt. On Tuesday, the firm agreed and purchased 48,000 mining rugs manufactured by Microbt. The Microbt is a china-based company known for the manufacturing of Whatsminer devices, which are considered the most powerful application machine in the world. It has become the supplier of choice by Bitfarm, as announced on Tuesday.
The Need for Acquisition
According to Bitfarm, it has acquired around 12,000 machines from Microbt in the last eight months of the operations. It has made the larger scope of the market for expansion in the future. The firm will install all these facilities, including the existing ones, in on-going development. The firm expects to complete the process on or before January 2022. During the purchase announcement, Vincent Zhang, Microbt’sMicrobt’s global sales director, feels excited about the deal to build a partnership with Bitfarms. He claims Bitfarms to be the most reliable and stable firm to its potential investors.
The CEO of Bitfarms, Emiliano Grodzki, the plan for acquiring these machines helped the firm during the phase of excessive demands for ASICs. It was the greatest challenge to meet the global world’s demands when there was a shortage of wafers used to create semiconductor chips in mining rigs. The firm is now believed to build its strengths by performing operations in their own infrastructure, as added by Grodzki.New.Bitcoin.com reports about last week. Companies involved in manufacturing are working hard on meeting demands, and rigs are completely sold out. Bitfarm’s acquisition is considered the second-largest acquisition after Marathon Patent Group’s records, purchasing 70,000. It closed its agreement in December by spending around $170 million.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.