The Bitcoin mining company Bitfarms, one of the largest companies in the industry, has announced that it will be expanding its South American operations by launching its biggest operation yet.
In a statement published by the company on April 19th, the company updated the community on the status of the project originally announced on October 26th of 2020, in which the company said it had signed a non-binding memorandum to secure electricity at approximately US$0.02 per kWh in Argentina.
The objective of that memorandum was to pursue the development of a 60 MW Bitcoin mining facility, which after 6-months of contractual work resulted in an agreement with an eight years term.
The project will draw up to 210 MW of electricity and won’t require expensive liquid immersion colling due to the climate conditions in the Latin American country, which is especially favorable for mining activities when compared to those of Quebec, where Bitfarms is based.
According to the statement, the new Argentina facility is expected to operate with savings of up to 45% when compared to the costs of Bitfarms’s Quebec facility during the fourth quarter of 2020, a considerable percentage for an operation of that size.
2022 is Magic for Bitfarms
While the new agreement has yet to be signed, the company is currently in advanced contractual discussions with a construction company that specializes in the construction of utility-grade electrical infrastructure.
The new data center requires the design and construction of electrical interconnection, high-voltage electrical lines, and transformers.
Bitfarms is aiming at having the new facility live and operating in early 2022, a year in which it is expected that it will significantly contribute to Bitfarms 8-0 EH/s target by the end of 2020, while also hedging for the company in preparation for the next halving event in 2024.
The agreed 210 MW will support about 55000 new-generation mining rigs which could generate over 11700 BTC, the equivalent of…