Bitcoin mining company Bitfarms is to expand into Argentina. The Canadian company is increasing its computing power to 4.1 EH/s through this expansion.
Bitfarms Launches BTC Mega Farm in Argentina
1/ Bitfarms, a global bitcoin mining company, has started operations on its mining mega farm located in Argentina. The farm, launched on September 16, is currently generating 10 megawatts (MW) of mining power in its first phase and.. pic.twitter.com/5xBOPDLa3j
— Jack – ByBit Legend (@BybitJack) September 20, 2022
Bitcoin mining farm
The company can start using a total capacity of 50 MW. The idea is to deploy this incrementally, with 10 MW more each time.
President and COO of Bitfarms, Geoff Morphy, explains:
“With attractive electricity prices set last year under an eight-year contract with a private party, both facilities are expected to reduce the overall energy costs for our portfolio, despite rising costs in the energy market.”
Where electricity costs are rising in Europe, bitcoin miners continue to look for the cheapest energy.
With the goal of getting their hands on 4.1 EH/s, they are targeting 1.5% of the world’s computing power. The hashrate is currently hovering around and record high of 280 EH/s.
Water-cooled
Bitfarms began developing new data centres in Argentina back in October 2021. According to the original plan, the mining farm was supposed to be finished this month. However, it has been delayed until mid-2023 due to unforeseen complications.
The company claims it will be the largest and most advanced mining site ever. Among other things, they will start working with the water-cooled Antminer S19 Pro Hydro-rigs. This is one of Bitmain’s latest flagships. Many older mining ASICs are cooled with fans, but this new series is kept cold with water.
Argentina
Outside mining, Argentina is not a crazy place for bitcoin. The country is hit by inflation of 80% year-on-year. And the Argentine peso has additionally fallen 25% against the US dollar.
This is forcing citizens to look for alternatives to maintain their purchasing power. However, the path to the dollar and bitcoin are not encouraged. The central bank has imposed bans, and bitcoin owners are also being denied access to dollars.
-
Ivan Brightly is a leading cryptocurrency analyst and author with over 5 years of experience in the blockchain and digital asset space. He previously served as a senior analyst at a major cryptocurrency hedge fund where he led quantitative research and trading strategy development.
Ivan holds a Master's degree in Finance from the London School of Economics and a Bachelor's in Computer Science from Stanford University. He is frequently invited to speak at fintech and blockchain conferences worldwide on topics spanning cryptocurrency trading, blockchain technology, and the future of digital assets.
Ivan's commentary has been featured in several major finance and technology publications including Forbes, Bloomberg, and CoinDesk. He is considered one of the most insightful voices analyzing new developments in the cryptocurrency and blockchain industry.
