Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina – Mining Bitcoin Newson October 12, 2021 at 8:19 am

Bitfarms, a bitcoin mining firm, introduced final week that development is underway for a mega bitcoin mining farm in Argentina. The ability, which is designed to accommodate 55,000 miners, will likely be completed by subsequent yr. That is one more sign that mining corporations are in search of new areas with favorable circumstances 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 will likely be a mega bitcoin mining farm in Argentina final week. The corporate says this facility will have the ability 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 1.4 exahash per second in September.

Concerning the development, Emiliano Grodzki, CEO of Bitfarms, acknowledged:

Our new high-production facility in Argentina, which is predicted to accommodate over 55,000 miners upon completion, will tremendously increase our capability and world footprint.

Grodzki famous this facility will assist the corporate obtain its purpose of eight exahash per second by the top of subsequent yr.

Argentina’s Favorable Situations

Grodzki additionally identified the the reason why the corporate selected Argentina. The farm will likely be constructed in warehouses inside the ability firm offering the vitality, creating a terrific location for Bitfarms. Bitfarms signed an eight-year, 210 MW deal that secures energy provision at a really low value. Grodzki defined:

The Argentina facility is deliberate to provide Bitcoin utilizing energy on the enticing charge of simply US 2.2 cents per kilowatt hour, considerably decreasing our already low price of mining Bitcoin.

The ability is already below development with an Argentinian firm known as Proyectos y Obras Americanas S.A. (“PROA”), which can lay {the electrical} construction wanted to energy the set up. Bitfarms is simply one of many mining corporations searching for new places providing favorable circumstances for increasing, and Argentina is on that checklist, principally resulting from its considerable 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 corporations might comply with go well with within the close to future.

What do you consider the Bitfarms mega bitcoin farm development in Argentina? Inform us within the remark part under.

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The post Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina – Mining Bitcoin News appeared first on Binance.

Bitfarms, a bitcoin mining firm, introduced final week that development is underway for a mega bitcoin mining farm in Argentina. The ability, which is designed to accommodate 55,000 miners, will likely be completed by subsequent yr. That is one more sign that mining corporations are in search of new areas with favorable circumstances and low-cost
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