June 6, 2023

Bitfarms receives permission to expand production in Argentina

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Bitfarms receives permission to expand production in Argentina

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.

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.