Bitfarms, a bitcoin mining company, announced that the second phase of expansion of its facility had been completed. It added 18 megawatts (MW), of capacity to the operation. The mining facility, nicknamed “The Bunker”, now generates approximately 3.8 exahash per seconds (EH/s), following an 18 MW increase in computational power (PH/s).
Bitfarms Ltd. has announced that the company has increased The Bunker’s capacity by 18 MW. The Bunker’s Phase 2 construction was completed and currently there are 9,450 bitcoin miners. The Bunker began operations in March 2022. Phase 3 will see the expansion of the data center. Phase 3 will see an additional 3,250 miners added to the facility, which will provide 325 PH/s hashrate.
Phase 2 consisted of an 18 MW expansion that added 200 PH/s. The company claims to have managed a total of 38 EH/s, or approximately 2% of global hashrate. Geoff Morphy (Phase 2 of The Bunker expansion) stated in a statement that it was a significant milestone that helped grow our hashrate up to 3.8 exahash/s (EH/s), an increase of 5.5% since the beginning of July.
Morphy also added:
Our total operating capacity now stands at 158 MW, with the addition of 3 MW low-cost hydropower which was added to our Washington state mining facility. Our current production has increased to 16.8 BTC/day. This is a 15% increase over the 14.6 BTC/day we had at the end June.
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The completion of Phase 2 by Bitfarms comes at a time digital asset prices are lower than they were just a few months ago. Damian Polla, Bitfarm’s Latam general manger , explained that falling bitcoin prices are a problem. Polla stated that the biggest problem facing the sector, both in Argentina as globally, is the falling price of bitcoin. This reduces revenues and raises operating costs.
The bitcoin mining industry has seen a lot of activity recently. It’s 5% easier for BTC to find block rewards. Marathon, a bitcoin mining operation has recently 254MW of power to improve operations. Cleanspark claims that crypto winter has provided ” unimaginable opportunities.”
The Bunker is not the only facility that the company has added to its Washington state farm capacity. The low-cost hydropower and stable electricity rates make it an attractive option over other sites.
Morphy said that “this week we have been selectively deploying some mining assets and continuing to bring on new miners.” We expect to see a gradual increase in our hashrate, and we will reach our 4 EH/s goal by early August. This is despite slight delays in receiving new mining supplies. We remain positive in our international growth plan, and we expect to achieve 6 EH/s by the year’s end.