Bitcoin Miner Bitfarms Expands Operations in Paraguay After Securing 2 Hydropower Contracts

Bitcoin miner Bitfarms (BITF) has secured two energy buy agreements in Paraguay so as to add as much as 150 megawatts (MW) of hydropower capability.

Bitfarms stated on Wednesday that one deal, value as much as 50 MW, is situated in Villarrica, near the place Bitfarms already has operations, whereas the second deal, value as much as 100MW, is situated in Yguazu, near the Itaipu hydroelectric energy plant.

“Paraguay has entry to an abundance of surplus renewable energy, and these acquisitions safe precious, but restricted, sustainable power contracts whereas broadening our foothold in a resource-rich nation,” Geoff Morphy, CEO of Bitfarms, stated in an announcement.

Bitfarms plans to begin the development in Villarica within the first quarter of 2023, with the development of a substation first and a mining facility later. In Yguazu, then again, the corporate has the chance to construct a brand new farm of as much as 100 MW, though the beginning date has but to be decided.

In each places, Bitfarms stated the value per kilowatt hour (kWh) will probably be $0.039 earlier than value-added tax and wouldn’t be adjusted for inflation.

In Could, Bitfarms introduced that it accelerated its said timeframe for reaching 6 exahash/second (EH/s) of computing energy by the top of the third quarter, and its per-share loss narrowed considerably on a quarter-by-quarter foundation.

Bitfarms at the moment has 11 farms, that are situated in Canada, the USA, Paraguay and Argentina.

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