North American Bitcoin (CRYPTO:BTC) mining firm Bitfarms Ltd. has announced a substantial $240 million investment in upgrading its mining capabilities, strategically timed ahead of the anticipated Bitcoin halving event on April 20, 2024.

Bitfarms confirmed the acquisition of new mining equipment, including 28,000 Bitmain T21 miners, as part of its fleet upgrade and expansion plan, with a further acquisition of Bitmain S21 and S21 hydro miners.

The company aims to triple its hashrate to 21 EH/s, increase targeted operating capacity by 83% to 440 MW, and improve fleet efficiency by 38% to 21 w/TH by year-end, according to Bitfarms President and CEO Geoff Morphy.

Chief Mining Officer Ben Gagnon emphasized the company's focus on growth and efficiency, positioning Bitfarms well to capitalize on opportunities in the upcoming bullish market and beyond.