Bitcoin (BTC) Mining Bitfarms Expands to Argentina

  • This enhances the company’s computational ability to 4.1 ExaHashPerSecond.
  • In October 2021, development began at a bitcoin mining facility in Argentina.

BitfarmsCanada-based Bitcoin (BTC) mining company has opened operations in Argentina. Argentina is the company’s 10th bitcoin mining facility overall.

This boosts the company’s computational power, or hash, to 4.1ExaHashPerSecond (Exa Hashes per Second). As the hash rate increases, so does the price of Bitcoin, which appears to be recovering marginally. In terms of the hash rate, we are now seeing record highs.

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In addition to increasing processing capacity, the company has also increased its electrical capacity by 10 megawatts. However, the company intends to supply the Argentine facility with 50 MW of electricity in increments of 10 MW. The company released a press release detailing the launch of its latest bitcoin mining hardware.

Bitfarms President and COO, Jeff Murphyannounced:

“With attractive electricity prices set last year under a special 8-year power contract, both utilities are expected to reduce the overall energy costs of our portfolio, despite rising commodity costs in the energy market.”

In October 2021, development began at a bitcoin mining facility in Argentina. Originally scheduled to be completed in September 2022, the development of the bitcoin mining facility has been postponed to sometime in the middle of 2023 due to unforeseen complications. However, the company assures upon completion that this will be the largest and most advanced mining operation ever. Bitfarms also announced that its water-cooled Antminer S19 Pro Hydro miners will be hosted there.

Argentina is undoubtedly one of the countries hardest hit by inflation. Argentina’s inflation rate is 80% higher than it was a year ago. and the Argentine Peso It has fallen by 25% against the dollar. Citizens abandoned their national currency in favor of alternatives such as Bitcoin and other cryptocurrencies due to its poor performance.

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