Bitfarms (NASDAQ:BITF) bought 550 PH/s of new high efficiency bitcoin miners for $7.7M to expand its fleet while improving average operating costs and minimizing capital expenditures, the bitcoin-mining company said Wednensday.

The company purchased a total of 4,660 miners for $13.94/TH with a blended energy efficiency of 28W/TH. It paid for the equipment using a combination of cash and vendor credits.

“We secured additional miners to build our momentum in Argentina and Quebec,” Ben Gagnon, chief mining officer of Bitfarms (BITF) said. “Representing 550 PH/s, these miners will be used for expansion and fleet optimization and we expect these miners to push our corporate hashrate beyond our Sept. 30, 2023 target of 6 EH/s.”

Of the new equipment, 1,500 miners are scheduled to be sent to Argentina with the remaining 3,160 to be shipped to Quebec, a portion of which are expected to replace less efficient miners. When fully deployed, the miners are expected to improve energy efficiency 11% in Argentina to 33 W/TH and 3% companywide to 37 W/TH. All of the new miners are expected to be online in Q3 2023.

Bitcoin (BTC-USD) traded at $26.6K in early Wednesday trading, up 3.5% over the past 24 hours.

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