- Bitfarms Ltd. (BITF) announced that it has begun production at the first of two of its warehouses under development in Argentina
- The company also said its hashrate exceed the 4 exahash per second (EH/s) milestone upon the production’s commencement
- Bitfarms said it plans to light up additional 10 MW increments with a 50 MW goal of being energized before the end of the year
- Shares of Bitfarms are down 6.14 per cent to C$1.60 as of 1:38 p.m. EDT on Monday
Bitfarms (BITF) announced that it has begun production at the first of two of its warehouses under development in Argentina.
This startup adds 10 MW of capacity and increases total corporate capacity to 176 MW. Bitfarms also said that its hashrate exceed the 4 exahash per second (EH/s) milestone upon commencing production at the warehouse.
From now until the end of the year, Bitfarms said it will light up additional 10 MW increments with a goal of reaching the entire 50 MW by December 31.
“We are proud to start production ahead of plan at our first 50 MW warehouse in Rio Cuarto, marking our 10th mining facility and 4th country now in production,” Geoff Morphy, president and COO of Bitfarms, said in a press release.
Morphy said that both of the company’s facilities in Argentina are expected to lower energy costs for Bitfarm’s portfolio. Additionally, he said the initial production in its new farm in Rio Cuarto, combined with refinements at some of the company’s Quebec and Washington farms, pushed production past 4.1 EH/s.
Argentina marks the company’s fourth country of production. The company contracted a private power company in Argentina in 2021 to supply up to 210 MW to Bitfarms for warehouses being developed near or on the same property as the generating facilities.
Canadian-based Bitfarms was founded in 2017 and runs vertically integrated mining operations.
Shares of Bitfarms are down 6.14 per cent to C$1.60 as of 1:38 p.m. EDT.