Bitcoin Mining Firm Bitfarms Achieves New All-time High Hashrate

• A hashrate of 5 exahash per second was reached on Thursday.
• The company attributes the record high to increased output from its Argentina farm.

Bitfarms, a firm that mines for Bitcoin has announced to investors that it has reached a new milestone as a result of its expanded operations in Argentina. A hashrate of 5 exahash per second (5 quintillion hashes per second) was reached on Thursday. Thus, setting a new record for the organization.

The company attributes the record high to increased output from its Argentina farm, which began operating in the previous year. When the Rio Cuarto plant went up in September, it instantly increased Bitfarms’ hashrate from 3.9 to 4.1 EH/s.

Additional Machinery Underway

This is on the rise as the company makes the most of the cheap energy available there. Recently, 2,100 more miners were activated. And several “underclocked” miners were brought up to full capability, leading to the current surge.

Bitfarms CEO Geoff Morphy called the occasion “exciting,” noting that it was the culmination of two years of hard work by the company’s staff and will result in Bitfarms’ biggest, most sophisticated, and least expensive plant. He went on to say that as a result of the company’s continued growth, they expect to reach a hashrate of 6 EH/s before the end of the year.

Chief mining officer Ben Gagnon predicted earlier this week that the company’s overall hashrate would increase to 5.7 EH/s after 6,200 newly bought Bitmain and MicroBT miners were activated. There are presently additional orders in the process for new machinery.

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