Bitcoin News and Finance
Bitfarms Worried About The Fall In Bitcoin Prices Amidst Its Investment Plan in Latam Skip to main content

Bitfarms Worried About The Fall In Bitcoin Prices Amidst Its Investment Plan in Latam

Bitfarms

Bitfarms, a global bitcoin mining company, has told that the price of bitcoin, above all other elements, is one of the most important factors for the future of the industry. Damián Polla, Bitfarm’s Latam General Manager, stated that countries like Argentina, where Bitfarms is currency building a bitcoin mega-mining center, were a very good destiny for bitcoin mining companies due to different factors.

Falling Bitcoin Prices Constitute a Challenge

Bitcoin mining companies are starting to feel the effects of the deceleration of the price of bitcoin in crypto markets. The company has declared that the fall of bitcoin prices, above all elements, is the most important problem that miners are facing right now. This has affected the company directly due to its holdings, taking its valuation from a unicorn status to a sub $500 million currently.

In an interview given to local media, Damian Polla, Bitfarm’s Latam General Manager, stated:

The biggest challenge facing the sector in the short term, both in Argentina and globally, is the fall in the price of bitcoin, which reduces revenues and increases operating costs.

Polla also considered this fall in prices as proof of the advance of the cryptocurrency market, which he qualified as being “mainstream” in global markets due to its correlation with other traditional equity indexes.

Bitfarms in Argentina

The company, which has a quota of 1.5% of the global Bitcoin hashrate, has made important investments in Argentina and Paraguay. The company is currently building a Bitcoin mega farm in Argentina, that will be designed to host 55K miners with a power capacity of 210 megawatts. While other companies in the country are executing layoffs as a plan to resist the announced upcoming economic phase, Bitfarms is currently generating 200 jobs with the construction of the mentioned mining facility.

Polla revealed the factors that had made Bitfarms put its investment in the country instead of taking them elsewhere. He explained:

Argentina is a very good destination for an investment of this type because it offers competitive energy prices, quality human resources, and a very active cryptocurrency ecosystem. Despite the economic ups and downs, the crypto ecosystem in Argentina is a leader in the region.

While the company is not currently planning new investments in the area, Polla explained that Bitfarms is always evaluating new opportunities in Argentina, Latam, and even the U.S.

What do you think about Bitfarms’ opinion on the challenges of the mining sector? Tell us in the comments 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