After the China ban on Crypto mining, a lot of companies have been scouting for locations globally. Bitfarms, a bitcoin mining company, had been doing the same and have announced last week that construction is underway for a mega bitcoin mining farm in Argentina. The facility, which is devised to accommodate 55,000 miners, will be finished by 2022.
The farm will provide more than 210 megawatts of infrastructure capacity for the company, which is reported to have a mining power of 1.4 exahash per second in September.
This is yet another signal that mining companies are looking for new areas with favourable conditions and cheap energy. These include places like Texas and El Salvador.
The company has partnered up with an Argentinian company Proyectos y Obras Americanas S.A. (“PROA”), which will lay the electrical structure needed to power the installation.
Bitfarms expansion to Argentinia Favorable Conditions
Emiliano Joel Grodzki, CEO, Bitfarms said, “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.”
He further said that the company aim to achieve eight exahash per second by the end of next year. Explaining the reason for choosing Argentina, Grodzki said, “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.”
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