December 3, 2023

Global bitcoin mining company Bitfarms has started operations at its mining megafarm located in Argentina. The farm, which was launched on September 16, is currently generating 10 megawatts (MW) of mining power during the first phase and will scale up operations to be fully operational next year. Bitfarms estimates it will contribute 50 MW to meet the company’s mining goals in 2023.

Bitfarms begins mining operations at Argentine megafarm

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Bitfarms, a Nasdaq-listed bitcoin mining company, is Started Mining operations at its megafarm located in Argentina. Construction of the facility, which began in October 2021, has now reached a milestone, allowing it to begin operations and contribute hashrate to the bitcoin network.

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In this first phase, the facility is capable of producing 10 MW of energy to host the mining equipment. The company expects these facilities to host multiple miners in the future, increasing its provided power by five times. In the future, 50 MW will contribute 2.5 exhash per second (EH/s) to the current mining power provided by the company. The construction of the farm was estimated to be completed by last September, but due to several delays it is now expected to be fully operational by the middle of 2023.

However, according to the company, upon completion it will be its most modern and largest mining operation. Bitfarms previously reported that it would host Antminer S19 Pro hydro miners at the facility, units that feature water cooling for improved efficiency.

Background and Project Story

The event marks the beginning of the completion of the project, which has been criticized for the energy crisis faced by Argentina last year. In fact, the construction of this megafarm caused concern among Argentine regulators, leading to inquiries about the nature of the project and the nature of the energy used.

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Bitfarms negotiated a private agreement with a provider capable of offering a price of $0.02.2 per kilowatt hour (kWh), a very competitive fee. However, even with this advantage, Bitfarms has expressed concerns about the sudden drop in the price of bitcoin in international markets. In June, BitFarm’s LATAM general manager Damian Pola said that this factor was the biggest challenge the mining industry was facing in the short term.

Nevertheless, the company is still forwarding investments to modernize and expand its existing mining infrastructure. In July, the company announced the completion of the second phase of expansion at “The Bunker”, another mining facility operated by the company, adding 18 megawatts to the operation’s power and increasing the firm’s hashrate to 200 petahashes per second (pH). for /s).

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