Bitfarms, a bitcoin mining startup, revealed last week that work on a massive bitcoin mining farm in Argentina had begun. The facility, which has a capacity enough for more than 55,000 miners, is expected to be completed by next year. This is another indication that mining firms are searching for new regions to relocate to with favorable circumstances and inexpensive energy, such as Texas and El Salvador.
Bitfarms now has a presence in Argentina.
Bitfarms, a Nasdaq-listed bitcoin mining business, revealed last week that it had begun construction on what will be one of the most massive bitcoin mining farms in Argentina. According to the firm, this facility will be able to power thousands of miners thanks to a contract with a private power provider. The farm will deliver more than 210 megawatts of infrastructural capacity for the firm, which recorded 1.4 exahash per second mining power in September.
About the construction project, Emiliano Grodzki, CEO of Bitfarms, stated:
Grodzki stated that the new facility will assist the firm in meeting its target of eight exahash per second by the end of next year.
About the reason why Argentina was a perfect choice, Grodzki said that his company had signed an eight-year, 210 MW deal that secures power provision at a very low price. The farm will be built in warehouses within the power business that provides the electricity, making it an ideal site for Bitfarms.
The facility is already under construction, with an Argentine firm called Proyectos y Obras Americanas S.A. (“PROA”) laying the electrical framework required to power the plant. Bitfarms is only one of the mining businesses looking for new places with ideal circumstances for expansion, and Argentina is on that list, owing to its plentiful and inexpensive energy in some areas. Bitfarms takes advantage of this by locating in an area where energy is plentiful but demand is low. Other businesses may follow suit in the near future.