- Bitfarms, a Toronto-based bitcoin miner, has signed engineering, procurement and construction contracts in Argentina to build 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 megawatts of power by 2022.
Bitcoin miner Bitfarms has announced that it has signed engineering, procurement and construction (EPC) contracts and has begun building a new farm in Argentina. As previously reported in April, the new mining farm is expected to add up to 210 megawatts of power by 2022.
“Our new high-output facility in Argentina, which is expected to accommodate more than 55,000 miners upon completion, will significantly expand our capacity and global footprint,” said Emiliano Grodzki, CEO of Bitfarms. “The Argentine facility is set to produce Bitcoin using energy at an attractive rate of just 2.2 US cents per kilowatt-hour, which significantly reduces the already low cost of Bitcoin mining.”
The Argentine company that supplies EPC services to Bitfarms, Proyectos y Obras Americanas SA (PROA), has specialized in electrical infrastructure for utilities and civil construction for nearly 60 years. The bitcoin miner has also partnered with Dreicon SA 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 at the end of that month under the symbol “BITF”. The miner joined Foundry USA Pool earlier this year, increasing its operational hash rate by 15%.
Bitcoin miners shared their production updates back in August, including energy usage and HODL’s strategic mindset. Bitfarms mined 391 new bitcoins during July, its highest production rate in the previous year and about 96% more than its mining production in January.