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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, will likely be completed by subsequent 12 months. That is yet one more sign that mining firms are searching for new areas with favorable situations and low cost power 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 hundreds of miners with energy secured by a contract with a personal 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, said:
Our new high-production facility in Argentina, which is predicted to accommodate over 55,000 miners upon completion, will significantly 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 explanation why the corporate selected Argentina. The farm will likely be constructed in warehouses inside the facility firm offering the power, creating a fantastic 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 fee of simply US 2.2 cents per kilowatt hour, considerably decreasing our already low value of mining Bitcoin.
The power is already underneath development with an Argentinian firm referred to 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 searching for new areas providing favorable situations for increasing, and Argentina is on that checklist, largely resulting from its ample and low cost power in sure areas. Bitfarms took benefit of this, selecting a area the place power is plentiful and demand is low. Different firms might comply with swimsuit within the close to future.
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