Bitcoin Miner Bitfarms Achieves Milestone Through Argentine Expansion
Bitfarms, a bitcoin-mining operation with various locations across Canada, the U.S., Paraguay, and Argentina, has reached a hashrate of 5 Exahash/s thanks to the successful expansion of operations in Argentina. An additional 2,100 miners were recently put to work while older mining machines were “underclocked,” resulting in the improved output. This gives Bitfarms CEO Geoff Morphy reason to believe the company can reach a 6 Exahash/s output by the end of 2021. Further expansion plans, potentially including further equipment purchases, are already in the works.
Argentina Expansion Plans
In September of 2020, Bitfarms’ farm in Rio Cuarto, Argentina, was set into operation, and immediately resulted in an upswing in company hashrates. Going forward, the site expects to pay well below $0.03/KWh in energy expenses, leading to higher profitability margins. Planned expansion at the site, and equipment moves into that market, should add to Bitfarms’ revenue once those initiatives come to fruition.
To become a profitable company, Bitfarms seems to rely on energy-price searching around operational areas. It predominantly uses hydro-electric power in its Canadian operations, but is performing GPU bitcoin traffic at a specialist natural gas exploiting location, like that in Argentina.
CEO Geoff Morphy remarked, “This exciting moment reflects our team’s hard work over the last two years resulting in our largest, most advanced, and lowest cost facility.”
[h/t Alys Key]