Bitfarms Starts Bitcoin Megafarm Operations in Argentina

Bitfarms is a global Bitcoin mining company that has opened its mining megafarm in Argentina. The farm was launched in September 16 and is producing 10 megawatts (MW), of mining power. It will be scaled up to become fully operational next year. Bitfarms projects that it will provide 50 MW to meet the company's 2023 mining goals.

Bitfarms Launches Mining Operations at the Argentine Megafarm

Bitfarms, an NASDAQ-listed bitcoin mining company has started mining operations at its megafarm in Argentina. Construction of the facility began in October 2021. It has now been officially allowed to begin operating and contribute hashrate to Bitcoin's network.

The facility can produce 10 MW of electricity to power mining equipment in its first phase. These facilities will be able to host many miners, increasing its power fivefold. The future 50 MW will add 2.5 exahash per hour (EH/s), to the company's current mining power. Although the farm was expected to be complete by September last year, due to delays it will now be fully operational by mid-2023.

According to the company, it will be its largest and most modern mining operation once it is completed. Bitfarms previously stated that the facility will house Antminer S19 pro Hydro miners. These units feature water cooling to improve efficiency.

Background and project story

This is the start of the completion of the project. It was criticised at one point because of the country's energy crisis last year. Argentine regulators were concerned about the construction of this megafarm. They began to inquire about the nature and source of the energy.

Bitfarms reached a private deal with a provider that could deliver prices as low as $0.02.2 per Kilowatt Hour (kWh), which is a very affordable fee. Bitfarms expressed concern about the sudden drop in bitcoin prices on international markets despite this advantage. This was said by Damian Polla, Bitfarms Latam General Manager, in June.

The company continues to invest in its existing mining infrastructure, and is making investments. The company announced in July that the second phase of its expansion at "The Bunker", another company-operated mining facility, was completed. This will add 18 MW to power and increase the firm’s hashrate to 200 petahash per sec (PH/s).

What are your thoughts on Bitfarm's launch of a bitcoin megafarm in Argentina? Comment below.

By: Sergio Goschenko
Title: Bitfarms Starts Bitcoin Megafarm Operations in Argentina
Sourced From:
Published Date: Sun, 18 Sep 2022 19:30:49 +0000

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