- Bitfarms (TSX:BITF) notches power permit to expand production up to 100 MW in Argentina
- This will double the active capacity and increase the company’s hashrate to 5 EH/s
- By April 28 the company expects active capacity to increase to 18MW
- Bitfarms currently has a fully built 50 MW farm that is now permitted to draw power
- Shares of Bitfarms (BITF) are up 0.35 per cent to C$142 as of 10:30 a.m. EDT
Bitfarms (BITF) notches power permits to expand production up to 100 MW at its RIo Curato, Argentina facility.
This will double active capacity to 18 MW and increase Bitfarm’s operational hashrate to 5EH/s.
Recent milestones include:
- On April 21 the unnamed power producer became fully permitted to provide up to 100 MW, which has allowed Bitfarms to begin purchasing low-cost power
- On April 23 the company finished testing the Rio Curato substation which is now capable of delivering 120 MW
- The company expects its capacity to increase to 18 MW as of April 28
“With 210 MW of potential low-cost energy capacity, our Argentina operations will increase Bitfarms’ total production and should lower our total production costs while providing future expansion opportunities,” Geoff Morphy, CEO of Bitfarms, said in a statement.
The company has also recently purchased over 6,200 new Bitmain and MicroBT miners which will add 22 MW in its Rio Curato warehouse.
“These new miners will be in transit shortly and are expected to produce an additional 650 PH/s with 31 w/TH efficiency. When installed, these new miners are projected to improve the overall w/TH efficiency at our Argentine farm by 10% to 34 w/TH, which in the coming months should increase the farm’s total hashrate to 1.1 EH/s and Bitfarms’ total hashrate to 5.7 EH/s,” Bitfarms’ chief mining officer Ben Gagnon said.
The company expects the Rio Curato facility to be its largest and lowest operating cost upon full deployment,
Shares of Bitfarms (BITF) are up 0.35 per cent to C$142 as of 10:30 a.m. EDT.