Bitfarms (BITF), a Bitcoin (BTC), miner, started production in Argentina. It increased its computing power to 4.1 exahash/second, (EH/s).Canadian bitcoin miner, Bitcoin Mining Inc., started production at its 10th location.
According to a press release Monday, the Canadian miner has added 10 megawatts (MW), but it plans to bring online 50 MW in 10 increments in one warehouse located in Argentina.
According to the press release, Bitfarms began construction on a second 50-MW warehouse in the country. It is expected to be finished by the beginning of the second quarter 2023.
Bitfarms gains deal for good energy prices
Geoff Morphy (President and COO at Bitfarms), stated in a press release that both facilities were established under an 8-year private power contract. “With attractive electricity pricing, both facilities are expected lower overall energy costs to our portfolio despite rising commodity prices in the energy market.”
Bitfarms anticipates that the cost of energy at Rio Cuarto’s 50 MW Bitcoin mine will be the lowest among the 10 sites it has in its portfolio.
Bitfarms now operates in four countries
Bitfarms’ fourth country of operations is Argentina. The other three are the U.S.A., Canada, and Paraguay. Morphy stated in the statement that this jurisdictional diversification protects Bitfarms from “geographical and climactic risk.”
Miners who haven’t been geographically diverse often struggle to get production back on track after being affected by weather and political events. Marathon Digital Holdings, (MARA), saw 75% of its hashrate shut down in the aftermath of a storm at its Montana main site.