Bitfarms Expands Mining Operations With New 100 MW Facility in Paraguay, Aiming for 21 EH/s Capacity by Year End

On Wednesday, Bitfarms, a bitcoin mining endeavor listed connected the U.S. banal market, revealed the palmy acquisition of a caller tract successful Yguazu, Paraguay, earmarked for a 100 megawatt (MW) mining facility. This improvement is portion of Bitfarms’ ambitious program to escalate its capableness to 21 exahash per 2nd (EH/s) by year’s end.

Bitfarms Targets 21 EH/S Capacity With New Paraguay Facility

The announcement by Bitfarms (Nasdaq: BITF) astir securing onshore successful Yguazu, Paraguay, aligns with the existent inclination of important enlargement observed successful the mining sector. This play has seen galore mining corporations widen their operations and procure an extended array of tens of thousands of application-specific integrated circuit (ASIC) mining rigs.

“The recently acquired onshore is located successful the bosom of Paraguay adjacent the Itaipú Dam, the 3rd largest hydropower dam successful the satellite with 14 gigawatts of installed capacity,” Geoff Morphy the president and CEO of Bitfarms remarked connected Wednesday. “Positioned to payment from the region’s abundant renewable vigor resources, this caller installation should beryllium sustainable some economically and environmentally.”

Morphy added:

Once Yguazu comes online, implicit 85% of our portfolio volition beryllium powered by low-cost greenish vigor that promotes environmentally sustainable bitcoin mining.

Bitfarms anticipates completing the operation signifier by the second portion of 2024. This maturation is simply a cardinal constituent of Bitfarms’ strategy to boost its firm hashrate to 21 EH/s by the adjacent of 2024, leveraging a acquisition enactment statement with Bitmain for further T21 mining rigs. On Wednesday, BITF shares witnessed a 5% summation successful worth against the U.S. dollar, yet the banal has experienced an 8% diminution implicit the week. Additionally, 30-day information reveals a nonaccomplishment exceeding 25% successful BITF shares’ worth this month.

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