Bitcoin Miner Bitfarms Begins Construction Of 210 MW Farm

The bitcoin miner announced that it signed contracts and started constructing a 210 megawatt farm in Argentina.

  • Toronto-based bitcoin miner Bitfarms has signed engineering, procurement, and construction contracts in Argentina to construct a new mining farm there.
  • The company’s new mining operations in the South American country are expected to accommodate 55,000 new mining rigs.
  • Bitfarms said the new farm will add up to 210 MW of power capacity by 2022.

Bitcoin mining company Bitfarms announced that it had signed engineering, procurement, and construction (EPC) contracts and begun the construction of a new farm in Argentina. As previously reported in April, the new mining farm is expected to add up to 210 megawatts (MW) of power capacity by 2022.

“Our new high-production facility in Argentina, which is expected to accommodate over 55,000 miners upon completion, will greatly expand our capacity and global footprint,” said Emiliano Grodzki, CEO of Bitfarms. “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 Argentinian company providing Bitfarms with EPC services, Proyectos y Obras Americanas S.A. (PROA), has specialized in utility-grade electrical infrastructure and civil construction for nearly 60 years. The bitcoin miner has also engaged with Dreicon S.A. as an independent engineering firm that will oversee construction, quality control, and project milestones.

In June, Bitfarms announced that it would begin trading on the Nasdaq towards the end of that month under the ticker “BITF.” The miner joined Foundry USA Pool earlier this year, boosting its operating hash rate by 15%.

The bitcoin miner shared its production updates in August, including energy usage and a strategic HODL mentality. Bitfarms mined 391 new BTC during July, their most significant production rate in the year back then and approximately 96% more than its mining production in January.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Price Prediction – Why did Bitcoin Price Crash?

The cryptocurrency market recently saw a huge spike in prices. Bitcoin, the leading cryptocurrency by market cap saw a rise of more than 10% in the past 7 days. Today on the other hand was a red day. The cryptocurrency market on an aggregate level lost around 4%. Most investors are already dreading their sudden

This Is Why Bitcoin Flash Crashed By 87% To $8,000 On Binance.US

Earlier today, the bitcoin price temporarily dove from $65,820 to a meager $8K on Binance.US, losing some mind-boggling 87% in value before making up those losses in the span of a single minute. Bitcoin Flash Crashes To $8K On Binance.US Bitcoin endured a violent correction on Thursday, but only for Binance’s exclusive United States cryptocurrency

Rich Dad Poor Dad Author Robert Kiyosaki Tells Why He Loves Bitcoin

Renowned Rich Dad Poor Dad author Kiyosaki loves bitcoin over fiat. Kiyosaki advocates for Bitcoin as a superior store of value to the dollar. Staggering debt will soon disqualify the dollar as a store of value. Robert Kiyosaki, the author of the famous book ‘Rich Dad Poor Dad’ says that he loves Bitcoin and distrusts