- Toronto-based bitcoin miner Bitfarms has signed engineering, procurement, and development contracts in Argentina to build a brand new mining farm there.
- The corporate’s new mining operations within the South American nation are anticipated to deal with 55,000 new mining rigs.
- Bitfarms stated the brand new farm will upload as much as 210 MW of energy capability by means of 2022.
Bitcoin mining corporate Bitfarms introduced that it had signed engineering, procurement, and development (EPC) contracts and begun the development of a brand new farm in Argentina. As prior to now reported in April, the brand new mining farm is anticipated so as to add as much as 210 megawatts (MW) of energy capability by means of 2022.
“Our new high-production facility in Argentina, which is anticipated to deal with over 55,000 miners upon finishing touch, will a great deal extend our capability and international footprint,” stated Emiliano Grodzki, CEO of Bitfarms. “The Argentina facility is deliberate to supply Bitcoin the use of energy on the sexy price of simply US 2.2 cents according to kilowatt hour, considerably lowering our already low value of mining Bitcoin.”
The Argentinian corporate offering Bitfarms with EPC products and services, Proyectos y Obras Americanas S.A. (PROA), has specialised in utility-grade electric infrastructure and civil development for just about 60 years. The bitcoin miner has additionally engaged with Dreicon S.A. as an impartial engineering company that may oversee development, high quality regulate, and challenge milestones.
In June, Bitfarms introduced that it could start buying and selling at the Nasdaq against the tip of that month underneath the ticker “BITF.” The miner joined Foundry USA Pool previous this 12 months, boosting its running hash price by means of 15%.
The bitcoin miner shared its manufacturing updates in August, together with power utilization and a strategic HODL mentality. Bitfarms mined 391 new BTC throughout July, their most vital manufacturing price within the 12 months again then and roughly 96% greater than its mining manufacturing in January.