Canadian public mining company Bitfarms has begun construction in Argentina of a new 210 MW cryptocurrency mining facility.
“The Argentina facility, which is expected to accommodate over 55,000 miners upon completion, will significantly expand our capacity and global presence. Combined with growth in Quebec and planned expansion in Paraguay by the end of 2022, we can achieve the 8 EH / s hash rate target, ”said Bitfarms CEO Emiliano Grodzki.
According to him, the cost of electricity for the new facility will be 0.022 per kWh. The signing of an eight-year agreement with a private supplier was facilitated by a drop in demand in the territory where the data center is located.
The turnkey construction contract was signed by Bitfarms with Proyectos y Obras Americanas SA. Dreicon SA will carry out independent supervision and quality control.
The enterprise will be located in four warehouse-type buildings next to the power plant. Part of the design and survey work has already been completed and the preparation of the site has begun, the firm specified.
The facility is expected to deploy 48,000 miners from MicroBT, which Bitfarms purchased in early 2021. At the time of writing, the company has approximately 21,500 units installed across five farms in Quebec, according to a press release.
Recall that in the third quarter, Bitfarms mined 1,050 BTC, which is 38% more than in the same period last year.
In June, the listed company was listed on the Nasdaq.
In August, Bitfarms reported that its cryptocurrency reserves reached 1,678 BTC. According to analysts’ calculations, mining companies traded on the Nasdaq have accumulated more than 20,459 coins in total, worth over $ 1.1 billion.
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