Canadian Bitcoin mining company Bitfarms plans to build its first data center in the United States after purchasing land in Washington State.
11 announcement, Bitfarms announced it would start mining operations in the United States with a capacity of 620 petahashes per second with 6,200 Bitmain rigs powered entirely by hydropower. The company bought a 24-megawatt hydropower park in Washington for $ 26 million, but plans to expand to 99 MW by developing more parks in the area.
Bitfarms CEO Emiliano Grodzki said the company chose Washington because of its “low cost performance” and production rate. With the addition of the 24MW data center, the company now has a total mining capacity of 106MW, but it is estimated that the completed facilities will produce 3.7 Bitcoin (BTC) per day at a cost of about $ 4,000 each Can produce BTC – currently the BTC price is $ 65,000, which translates into a daily profit of around $ 183,000.
Related: Bitfarms stocks tumble on Nasdaq debut amid the downturn in the crypto market
At a time when many are citing the potential environmental impact of cryptocurrency mining, Bitfarms claims that its facilities in Canada are powered almost entirely by hydropower. Cointelegraph previously reported that Bitfarms doubled monthly crypto mining productivity between January and July and raised 199 BTC and 400 BTC, respectively, likely as a result of the crash.
According to the mining company, they currently have 10 active or growing farms in countries like the United States, Argentina, and Canada. At the time of writing, Bitfarms claims a mining capacity of 82 MW at 1.8 exahashes per second.