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Canadian mining company Bitfarms has confirmed it has received the necessary electricity permits to expand production to 100 MW at its facility in Argentina's Rio Cuarto.
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By April 28, Bitfarms plans to increasethe farm's active capacity by approximately 100%, to 18 MW, with 2,100 additional units that the company purchased in March and April. Thus, the company plans to increase the hashrate to 5 exahashes per second.
“With permission, we can receiveelectricity at a level below $0.03 per kWh. We expect the value of Bitcoin mined from this farm to decrease slightly as we actively expand operations,” said Bitfarms CEO Geoff Morphy.
Bitfarms launched a new mining farmbitcoins in the Argentine city of Rio Cuarto in 2022. The initial power of the farm was 10 MW. The facility hosts the latest water-cooled Antminer S19 Pro Hydro models.
Earlier, Bitfarms reported a drop in net profit to $5 million in the first quarter of 2022. In this regard, the company's management planned to cut plans for business development.