Bitfarms, a Canadian crypto mining company known to be one of the world’s biggest mining operations in the world, is now hiring more than 48,000 new cryptocurrency miners in a time span of 2 years. The company seeks to expand its crypto mining workforce, seeking a larger and much efficient crypto yield.
In order to support such a workforce in the coming years, Bitfarms will also be working with Chinese hardware supplier MicroBT to make sure all of the required hardware is present. Additionally, with the additional advanced hardware, Bitfarms seeks to increase its hashing capacity by 5 EH, which currently sits at 1 EH, expecting an almost 200% increase in hashing capacity by the end of the year.
Hunger For More Power
As of now, due to the pandemic and stock issues, the shipment of hardware is expected to land in around January of 2022, with the fully functional mining rigs arriving around the end of 2022. Previously the goal was to reach 5 EH, but now the company wants to reach 8 EH.
CEO of Bitfarms, Emiliano Grodzki, has stated that securing the required hardware has become a challenge due to the shortage in supply of wafers used in mining chips to build the hardware, which is practically the heart of a mining rig.
‘WhatsMiner M30SS+’, a popular mining product by MicroBT, is already sold out because of its impressive mining capabilities providing more than 112 TH/s and priced at around $9000. Even all the other hardware provided by MicroBT has also been sold out.
Bitfarms itself has purchased over 12000 mining rigs due to the hardware being reliable and cost-efficient. By the end of 2020, Bitfarms had installed around 1000 new rigs from MicroBT and also purchased an additional 3000 rigs, which were expected to arrive in Feb this year.
Short wafer supply upset gamers
This rise in crypto farming has also affected the gaming industry as miners are purchasing a massive number of graphics cards that are capable of efficient mining capabilities, also contributing to the worldwide wafer shortage.
Companies like Nvidia have promised to nerf the mining capabilities of its newer cards and introduce a separate series of cards exclusive to miners, but gamers around the world are still upset due to the unavailability of newer next generation of more powerful graphics cards as they think that these manufacturers are themselves involved in the distribution of the cards to crypto mining companies and organizations.