- Toronto-based bitcoin miner Bitfarms has signed engineering, procurement, and construction contracts in Argentina to construct 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 MW of power capacity by 2022.
Bitcoin mining company Bitfarms announced that it had signed engineering, procurement, and construction (EPC) contracts and begun the construction of a new farm in Argentina. As previously reported in April, the new mining farm is expected to add up to 210 megawatts (MW) of power capacity by 2022.
“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,” said Emiliano Grodzki, CEO of Bitfarms. “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.”
The Argentinian company providing Bitfarms with EPC services, Proyectos y Obras Americanas S.A. (PROA), has specialized in utility-grade electrical infrastructure and civil construction for nearly 60 years. The bitcoin miner has also engaged with Dreicon S.A. 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 towards the end of that month under the ticker “BITF.” The miner joined Foundry USA Pool earlier this year, boosting its operating hash rate by 15%.
The bitcoin miner shared its production updates in August, including energy usage and a strategic HODL mentality. Bitfarms mined 391 new BTC during July, their most significant production rate in the year back then and approximately 96% more than its mining production in January.