Bitfarms, a bitcoin mining firm, introduced final week that development is underway for a mega bitcoin mining farm in Argentina. The power, which is designed to accommodate 55,000 miners, can be completed by subsequent 12 months. That is one more sign that mining firms are in search of new areas with favorable situations and low-cost vitality emigrate to, together with locations like Texas and El Salvador.
Bitfarms Expands to Argentina
Bitfarms, a Nasdaq-listed bitcoin mining firm, introduced it began constructing what can be a mega bitcoin mining farm in Argentina final week. The corporate says this facility will be capable to energy 1000’s of miners with energy secured by means of a contract with a non-public energy firm. The farm will present greater than 210 megawatts of infrastructure capability for the corporate, which reported having a mining energy of 1.four exahash per second in September.
In regards to the development, Emiliano Grodzki, CEO of Bitfarms, said:
Our new high-production facility in Argentina, which is predicted to accommodate over 55,000 miners upon completion, will drastically increase our capability and world footprint.
Grodzki famous this facility will assist the corporate obtain its objective of eight exahash per second by the tip of subsequent 12 months.
Argentina’s Favorable Situations
Grodzki additionally identified the the reason why the corporate selected Argentina. The farm can be constructed in warehouses inside the facility firm offering the vitality, creating an excellent location for Bitfarms. Bitfarms signed an eight-year, 210 MW deal that secures energy provision at a really low worth. Grodzki defined:
The Argentina facility is deliberate to supply Bitcoin utilizing energy on the enticing charge of simply US 2.2 cents per kilowatt hour, considerably lowering our already low value of mining Bitcoin.
The power is already beneath development with an Argentinian firm known as Proyectos y Obras Americanas S.A. (“PROA”), which is able to lay {the electrical} construction wanted to energy the set up. Bitfarms is simply one of many mining firms in search of new areas providing favorable situations for increasing, and Argentina is on that record, principally as a consequence of its plentiful and low-cost vitality in sure areas. Bitfarms took benefit of this, selecting a area the place vitality is plentiful and demand is low. Different firms might observe swimsuit in the close to future.
What do you consider the Bitfarms mega bitcoin farm development in Argentina? Inform us in the remark part beneath.
