Bitcoin Mining Firm to Build Mega Farm in Argentina

12 October 2021 | Updated: 12 October 2021

Nasdaq-listed Bitfarms, a Bitcoin mining company, announced last week that it has initiated the creation of a “mega Bitcoin mining farm” in Argentina. Bitfarm noted that the facility would have the capacity to power thousands of miners using electricity obtained through a contract with a private power company.

The facility will deliver over 210 megawatts of infrastructure capacity for the company, which reports claims has the mining power of 1.4 exahash per second (EH/s) as of September.

Commenting on the development, CEO of Bitfarms Emiliano Grodzki noted that:

“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.”

The CEO asserted that this farm would help the company realize its goal of 8 EH/s by the end of 2021.

Argentina Could Become Bitcoin Mining Haven

Grodzki noted that the firm chose Argentina because the farm will get constructed in warehouses inside the power company, making it an exceptional location for Bitfarms. The mining company signed an eight-year, 210 MW deal with the private power company at significantly low prices. The CEO of Bitfarms explained that:

“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.”

That said, the facility is currently under construction with Argentinian construction company Proyectos y Obras Americanas S.A. (‘PROA’), which lays the groundwork for the electrical structure required.

Argentina has become one of the most sought-after locations for situating mining facilities thanks to its abundant and cheap energy in certain regions. Bitfarm has tapped into this opportunity and chose a reason with plentiful energy production capacity and low demand. Analysts predict that other mining firms could follow in Bitfarms’ footsteps soon.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.