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Bitcoin (BTC) Mining Firm Bitfarms Expands to Argentina

  • This boosts the company’s computational capacity to 4.1 ExaHashPerSecond.
  • In October of 2021, development started on the Bitcoin mining facility in Argentina.

Bitfarms, a Bitcoin (BTC) mining firm located in Canada, has opened up operations in Argentina. Argentina is the company’s tenth Bitcoin mining facility overall.

This boosts the company’s computational capacity, or hashrate, to 4.1ExaHashPerSecond (Exa Hashes per second). As the hashrate increases, so do Bitcoin prices, which look to be recovering marginally. In terms of hashrate, we are now seeing record highs.

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In addition to the increased processing capacity, the company also increased its electricity capacity by 10MW. However, the company intends to provide the Argentine facility with 50 MW of electricity in 10 MW increments. The corporation issued a press statement detailing the launch of its latest Bitcoin mining hardware.

Bitfarms President and COO, Geoff Morphy, stated:

“With attractive electricity pricing established last year under an 8-year private party power contract, both facilities are expected to lower overall energy costs for our portfolio, despite rising commodity costs in the energy market.”

In October of 2021, development started on the Bitcoin mining facility in Argentina. Originally scheduled for completion in September of 2022, the Bitcoin mining facility’s development has been pushed back to sometime in the middle of 2023 due to unforeseen complications. When complete, however, the company asserts that this will be its biggest and most sophisticated mining operation ever. Bitfarms also announced that their water-cooled Antminer S19 Pro Hydro miners will be hosted there.

Argentina is, without a doubt, one of the nations most afflicted by inflation. Inflation in Argentina is 80% more than it was a year ago. And the Argentine Peso has dropped 25% versus the dollar. Citizens have abandoned their national currency in favor of alternatives like Bitcoin and other cryptocurrencies due to its poor performance.

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