- Toronto-based bitcoin miner Bitfarms has signed engineering, procurement, and building contracts in Argentina to assemble a brand new mining farm there.
- The corporate’s new mining operations within the South American nation are anticipated to accommodate 55,000 new mining rigs.
- Bitfarms mentioned the brand new farm will add as much as 210 MW of energy capability by 2022.
Bitcoin mining firm Bitfarms announced that it had signed engineering, procurement, and building (EPC) contracts and begun the development of a brand new farm in Argentina. As beforehand reported in April, the brand new mining farm is predicted so as to add as much as 210 megawatts (MW) of energy capability by 2022.
“Our new high-production facility in Argentina, which is predicted to accommodate over 55,000 miners upon completion, will vastly develop our capability and international footprint,” mentioned Emiliano Grodzki, CEO of Bitfarms. “The Argentina facility is deliberate to supply Bitcoin utilizing energy on the engaging fee of simply US 2.2 cents per kilowatt hour, considerably decreasing our already low value of mining Bitcoin.”
The Argentinian firm offering Bitfarms with EPC companies, Proyectos y Obras Americanas S.A. (PROA), has specialised in utility-grade electrical infrastructure and civil building for almost 60 years. The bitcoin miner has additionally engaged with Dreicon S.A. as an unbiased engineering agency that can oversee building, high quality management, and venture milestones.
In June, Bitfarms introduced that it will start trading on the Nasdaq in direction of the top of that month underneath the ticker “BITF.” The miner joined Foundry USA Pool earlier this yr, boosting its operating hash rate by 15%.
The bitcoin miner shared its production updates in August, together with vitality utilization and a strategic HODL mentality. Bitfarms mined 391 new BTC throughout July, their most important manufacturing fee within the yr again then and roughly 96% greater than its mining manufacturing in January.