Bitfarms Buys Land to Open New Mining Facility in Canada

Bitfarms, a firm subordinate successful the bitcoin mining world, has announced a caller acquisition of onshore and a installation successful Canada. The purchased onshore is located successful Sherbrooke, Quebec, and according to a property merchandise issued by the company, it volition service to regenerate 1 of the different facilities the institution has successful the country.

Bitfarms to Replace Bitcoin Mining Facility successful Canada

Bitfarms, a institution dedicated to mining Bitcoin, has announced the acquisition of caller onshore and a gathering located successful Canada to found a caller bitcoin mining facility. The facility, which has been called “Garlock,” volition service arsenic a replacement for phasing retired the de la Pointe facility, and it volition proviso 18 MW of powerfulness for conducting mining operations.

On the operation of this caller facility, Geoff Morphy, president and COO of Bitfarms, stated:

When completed, the full planned capableness of our 3 Sherbrooke farms, which besides see Leger and The Bunker, volition afloat utilize Hydro-Sherbrooke’s contracted powerfulness of 96 MW.

The caller installation volition beryllium located successful a distant area, and volition beryllium equipped with “the latest successful dependable simplification and monitoring technology.” This is simply a cardinal constituent for the Bitfarms relocation, arsenic the institution has been criticized by those surviving adjacent to the de la Pointe mining facility, adjacent aft taking measures to dampen the dependable coming from its operation.

The full terms of the concern Bitfarms is putting into this caller installation is astir C$2.25 cardinal ($1,760,000) and 25,000 communal stock acquisition warrants, that volition let holders to acquisition Bitfarms shares astatine a definite terms point.

Expansion Continues

Bitfarms has been moving to support expanding its hashrate astir the world. The institution is presently building a mega Bitcoin workplace successful Argentina which volition let the institution to turn mining powerfulness by 210 MW upon completion. The projection states that this installation volition beryllium capable to location 55,000 miners with a precise charismatic vigor terms of 2.2 cents per kilowatt hour, according to statements from Emiliano Grodzki, CEO of Bitfarms.

The institution is besides investing heavy successful securing instrumentality to powerfulness these caller facilities. In February, Bitfarms announced a caller financing statement with Blockfi that volition let it entree to backing for up to $32 million, which volition beryllium utilized to proceed purchasing mining equipment. Specifically, 6,100 Bitmain S19j Pros, 1 of the newest units released by the miner manufacturing company, volition beryllium purchased with these funds.

What bash you deliberation astir the Bitfarms onshore acquisition and enlargement successful Canada? Tell america successful the comments conception below.

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