Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina

Bitfarms, a bitcoin mining company, announced last week that construction is underway for a mega bitcoin mining farm in Argentina. The facility, which is designed to accommodate 55,000 miners, will be completed by next year. This is yet another signal that mining companies are looking for new areas with favorable conditions and cheap energy to migrate to, including places like Texas and El Salvador.

Bitfarms expands in Argentina

Bitfarms, a bitcoin mining company listed on the Nasdaq, announced that it had started building what will be a mega bitcoin mining farm in Argentina last week. The company says this facility will be able to power thousands of miners with power secured through a contract with a private power company. The farm will provide more than 210 megawatts of infrastructure capacity to the company, which said it had an extraction power of 1.4 exahash per second in September.

About the construction, Emiliano Grodzki, CEO of Bitfarms, stated:

Our new high-output facility in Argentina, expected to accommodate over 55,000 miners when completed, will significantly increase our capacity and global footprint.

Grodzki noted this facility will help the company achieve its goal of eight exahash per second by the end of next year.

Argentina’s favorable conditions

Grodzki also highlighted the reasons the company chose Argentina. The farm will be constructed in warehouses inside the power company providing the energy, creating a great location for Bitfarms. Bitfarms has signed an eight-year 210 MW contract that guarantees the supply of electricity at a very low price. Grodzki explained:

The Argentina facility is planned to produce Bitcoin using power at the attractive rate of just US 2.2 cents per kilowatt hour, substantially reducing our already low cost of mining Bitcoin.

The installation is already under construction with an Argentinian company called Proyectos y Obras Americanas SA (“PROA”), which will lay the necessary electrical structure to supply the installation. Bitfarms is just one of the mining companies seeking new locations offering favorable conditions for expanding, and Argentina is on that list, mostly due to its abundant and cheap energy in certain regions. Bitfarms took the opportunity to choose a region where energy is abundant and demand low. Other companies could follow suit in the near future.

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