Bitcoin News and Finance
Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina Skip to main content

Bitfarms Starts Construction of Mega Bitcoin Mining Farm in Argentina

bitfarms

Bitfarms, a bitcoin mining company, announced last week that construction is underway for a mega bitcoin mining farm in Argentina. The facility, which is designed to accommodate 55,000 miners, will be finished by next year. This is yet another signal that mining companies are looking for new areas with favorable conditions and cheap energy to migrate to, including places like Texas and El Salvador.

Bitfarms Expands to Argentina

Bitfarms, a Nasdaq-listed bitcoin mining company, announced it started building what will be a mega bitcoin mining farm in Argentina last week. The company says this facility will be able to power thousands of miners with power secured through a contract with a private power company. The farm will provide more than 210 megawatts of infrastructure capacity for the company, which reported having a mining power of 1.4 exahash per second in September.

About the construction, Emiliano Grodzki, CEO of Bitfarms, stated:

Our new high-production facility in Argentina, which is expected to accommodate over 55,000 miners upon completion, will greatly expand our capacity and global footprint.

Grodzki noted this facility will help the company achieve its goal of eight exahash per second by the end of next year.

Argentina’s Favorable Conditions

Grodzki also pointed out the reasons why the company chose Argentina. The farm will be constructed in warehouses inside the power company providing the energy, creating a great location for Bitfarms. Bitfarms signed an eight-year, 210 MW deal that secures power provision at a very low price. Grodzki explained:

The Argentina facility is planned to produce Bitcoin using power at the attractive rate of just US 2.2 cents per kilowatt hour, substantially reducing our already low cost of mining Bitcoin.

The facility is already under construction with an Argentinian company called Proyectos y Obras Americanas S.A. (“PROA”), which will lay the electrical structure needed to power the installation. Bitfarms is just one of the mining companies seeking new locations offering favorable conditions for expanding, and Argentina is on that list, mostly due to its abundant and cheap energy in certain regions. Bitfarms took advantage of this, choosing a region where energy is plentiful and demand is low. Other companies could follow suit in the near future.

What do you think about the Bitfarms mega bitcoin farm construction in Argentina? Tell us in the comment section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory