BitFarms, the global Bitcoin mining company, has started operations at a mining megafarm in Argentina. The farm, which went into operation on September 16, is currently generating 10 megawatts of mining power in its first phase and will be fully operational next year. BitFarms estimates it will contribute 50MW to the company’s mining goal by 2023.
Bitfarms started mining operations in Argentina Megafarm
BitFarms, a Nasdaq-listed Bitcoin mining company, has started mining at Megafarm in Argentina. Construction of the facility, which began in October 2021, has now reached its peak, allowing it to begin operations and contribute hashrate to the Bitcoin network.
In this first phase, the facility will be able to generate 10 MW of power to handle mining materials. The company expects these facilities to accommodate more miners in the future, which will increase the power provided by five times. In the future, it will contribute 50 megawatts per second (EH/s) to the mining power provided by the company. Construction of the farm was expected to be completed by last September, but due to various delays, it is now expected to be fully operational by mid-2023.
However, according to the company, when this operation is completed, it will be its most modern and largest mining operation. Bitfarms previously announced that it will host Antminer S19 Pro Hydro miners in this facility, which features water cooling for better efficiency.
Background and project history
This event marks the beginning of the completion of this project, which has been criticized to some extent due to the energy crisis in Argentina last year. In fact, the construction of this megafarm has raised concerns among Argentine regulators, raising questions about the nature of the project and the nature of the energy used.
Bitfarms has negotiated a very competitive private deal with a service provider that can offer a price of $0.02.2 per kilowatt hour (kWh). However, even with this importance, BitFarms has expressed concern over the sudden drop in the value of bitcoin on international markets. In June, Damian Polla, Bitfarm’s Latam general manager, said that this is the biggest challenge the mining industry has faced in a short time.
Still, the company is channeling 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 the company operates, adding 18 megawatts to the operation’s power and increasing the company’s hashrate to 200 petahash per second (PH)/h).
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