Bitcoin Miner Bitfarms Hits New Hashrate High Amid Argentine Expansion


Bitcoin miner Bitfarms has hit a brand new milestone after rising operations in Argentina, the corporate mentioned in an announcement to buyers.

On Thursday, the group hit a hashrate of 5 exahash per second (EH/s), that means 5 quintillion hashes per second had been achieved.

The all-time excessive was attributed to the enlargement of manufacturing at its farm in Argentina, which was first fired up final 12 months.

The ability, in Rio Cuarto, instantly boosted Bitfarms’s hashrate to 4.1 EH/s from 3.9 when it went stay in September.

Bitfarms Is Bringing Bitcoin Mining to Argentina

This has continued to extend, because the enterprise takes benefit of low power prices within the area.

The latest enhance got here as 2,100 new miners had been energized earlier this week, whereas some present miners who had been “underclocked” had been delivered to full capability.

“This thrilling second displays our workforce’s onerous work over the past two years leading to our largest, most superior, and lowest price facility,” mentioned Geoff Morphy, CEO of Bitfarms.

He added that the enterprise is now focusing on a hashrate of 6 EH/s by the tip of the 12 months, because it takes benefit of additional enlargement alternatives.

Argentina enlargement plans

The corporate has already bought one other 6,200 new Bitmain and MicroBT miners, which chief mining officer Ben Gagnon mentioned earlier this week would shortly be in transit and may convey the enterprise’s complete hashrate to five.7 EH/s as soon as activated.

Much more orders for brand spanking new gear are at the moment within the works.

Power prices for the location are at the moment anticipated to be beneath $0.03 per KWh, Bitfarms CFO Jeff Lucas defined, giving Bitfarms a “best-in-class common price of Bitcoin mined.”

Bitfarms, which is listed on each the Nasdaq and the Toronto Inventory Trade, has a complete of 10 mining amenities throughout Canada, the U.S., Paraguay, and Argentina.

The Onerous Fact About Bitcoin’s Power Consumption

Whereas the corporate makes use of hydroelectric energy to mine Bitcoin at its different websites, the Argentina location makes use of pure fuel.

The Argentina challenge was first introduced in April 2021, with the preliminary contract because of final for eight years.

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