Bitfarms Ltd. has began improvement on a brand new 50-megawatt (MW) Bitcoin mining facility in Paraguay, the corporate introduced on August 7, 2023. The farm will likely be situated in Paso Pe close to Bitfarms’ current mining operations in Villarrica and is predicted to be totally operational within the first quarter of 2024.
Bitfarms to Pioneer Hydro-Cooled Mining in Paraguay With New 50 MW Facility; Prepares for 2024 Bitcoin Halving
The announcement comes simply weeks after Bitfarms (Nasdaq: BITF) secured 150 MW of hydropower contracts in Paraguay. In accordance with Bitfarms CEO Geoff Morphy, the corporate selected Paraguay for enlargement on account of low constructing prices and quick development timelines.
“Reaching excessive working efficiencies whereas minimizing capex is an overarching objective in our world progress technique heading into subsequent yr’s halving,” stated Morphy. “Primarily based on our expertise within the jurisdiction, Paraguay affords each low constructing prices and quick time to completion.”
The brand new facility will encompass a 50 MW substation, a 30 MW air-cooled warehouse, and 20 MW of hydro-cooled mining containers from Microbt. Bitfarms will set up 1,920 of Microbt’s new M53S+ miners within the containers, that are specifically designed for immersion cooling.
The miners and infrastructure are being bought fully with vendor credit, considerably lowering Bitfarms’ money outlay. In accordance with Bitfarms Chief Mining Officer Ben Gagnon, the M53S+ miners will produce 675 PH/s at an effectivity of 28.5 W/TH, making them a few of the best miners in Bitfarms’ fleet.
This marks Bitfarms’ first foray into hydro-cooled mining, a expertise that Gagnon says has the potential to be inexpensive than conventional immersion cooling. The corporate believes speedy enlargement in Paraguay highlights Bitfarms’ technique of pursuing low-cost energy sources to enhance profitability, particularly heading into the Bitcoin halving in 2024.