On May 12, 2021, Bitfarms announced that it had entered into a strategic relationship with MicroBT. According to the announcement, Bitfarms has signed a repair center agreement with MicroBT, one of the biggest producers of Bitcoin mining rigs.
The Agreement
The deal has been in the works for a few months. During that time, repair technicians at Bitfarms have undergone extensive specialized training with MicroBT. The goal of the training has been to equip them with the latest tools and techniques needed to repair MicroBT mining rigs. It will make Bitfarms the first official MicroBT services partner in Canada. The new repair lab will be part of the previously announced Cowansville expansion. It will be completed on May 15 and it will start operating on May 17, 2021.
The agreement states that MicroBT customers can opt to send their mining rigs to Bitfarms for in-warranty and out-warranty repairs. The creation of the official repair center in Canada will save customers time and money, which results from costly shipping to China or huge import duties charged by US customs officials.
🪛 Bitfarms becomes the first authorized MicroBT service center in Canada 🇨🇦 pic.twitter.com/sjfymAohic
— Bitfarms (@Bitfarms_io) May 12, 2021
How It Will Impact Bitfarms
The agreement will allow Bitfarms to hire more technicians, expand their repair capabilities, reduce the cost and time for repairing miners and offer a new revenue stream for the company. It will ensure that Canadians can access the highest quality Bitcoin miner repair services within Canada for the first time.
What Leadership Said
Commenting on the agreement, Bitfarms CEO Emiliano Grodzki said:
“MicroBT is one of the best Bitcoin miner manufacturers in the world. Bitfarms is excited to take our relationship with MicroBT to the next level with the signing of this new repair center agreement and look forward to even greater cooperation in the future”
Vincent Zhang of MicrBT also had equally positive comments. He said that Bitfarms had been a great customer for the company in the past few years. He noted that Bitfarms had collectively purchased and agreed to buy close to 65,000 MicroBT miners. Zhang added:
“We look forward to continuing to grow our relationship with Bitfarms, who have proven themselves to be one of the leading operators in North America and a great company to do business with.”
A Short History Of Bitfarms
Bitfarms was founded in 2017. It operates as a Bitcoin mining company, which focuses on the use of renewable energy within its mining operations. The company has demonstrated great growth and efficiency in its operations. For instance, in Q1 2020, the company reported 47% gross mining margins. In 2019, the company became the first BTC mining firm to complete a long-form prospectus with the Ontario Securities Commission and began trading on the TSX-V in Jul 2019.
The company currently operates five large-scale mining facilities, which are located in Quebec. All of its operations are powered 100% by environmentally friendly hydropower, which is secured with long-term power contracts.
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