Bitfarms Ltd (TSXV:BITF) (OTCMKTS:BFARF) President Geoff Morphy tells Proactive the Quebec, Canada-based Bitcoin mining company recently raised CAD$40 in a private placement.
Morphy says the group will use the funds towards improving existing infrastructure within its 5 Bitcoin mining sites, adding 3,000 more miners in February, and continuing to build out with more racks and servers. The group will look to expand to new sites within Quebec to grow out its operations.