Bitfarms Expands Bitcoin Mining Operations in Argentina
Expansion in Argentina
Bitfarms Ltd., a leading Bitcoin mining company, has announced its plans to significantly enhance its operations at the Rio Cuarto facility in Argentina. The company has received power permits to increase its production capacity to 100 MW. This expansion is poised to double the active capacity to 18 MW and boost the operational hashrate to 5 EH/s.
Operational Milestones
Recently, Bitfarms installed 2,100 new miners that arrived in March and April. With the power permit in place, they can now draw power at a cost-effective rate, under $0.03 per kWh, which is currently the lowest in their portfolio. This low-cost energy access is pivotal for reducing Bitcoin mining costs and scaling operations efficiently. Bitfarms plans to energize additional miners and cease underclocking existing ones to enhance performance.
Strategic Equipment Upgrades
In anticipation of increased power capacity, Bitfarms has acquired over 6,200 new miners to utilize an additional 22 MW in the first warehouse at Rio Cuarto. These miners are expected to improve overall efficiency and contribute significantly to the hashrate, potentially reaching 5.7 EH/s. This expansion is anticipated to position the Rio Cuarto site as Bitfarms' largest and most cost-effective operation.
Financial Strategy
Bitfarms' financial strategy is centered on responsible growth and investment returns. The recent miner purchases, priced favorably at $14.10/Th, are expected to enhance profitability and improve gross margins and cash flow.
Future Prospects
The company has further expansion plans with a fully built 50 MW farm now permitted to utilize the power agreement. Bitfarms has the potential to draw additional power up to the full contracted capacity of 210 MW, offering significant future growth opportunities in Argentina.
About Bitfarms
Founded in 2017, Bitfarms operates vertically integrated mining facilities across Canada, the United States, Paraguay, and Argentina. The company is committed to using renewable energy sources, predominantly hydroelectric, to power its operations.
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