Bitfarms (TSXV: BITF) has begun construction on a new 210-megawatt facility. Located in Argentina, the firm has now signed the required engineering, procurement and construction, or EPC contracts, to begin the development of the new facility.
Originally announced back in April, the company expects the new facility to have access to electricity at a contracted rate of just US$0.022 per kilowatt hour. The facility is expected to house a total of 55,000 miners once fully completed, some of which have already been purchased by the company.
Bitfarms currently has 21,500 miners online at its facilities, implying that this latest facility is expected to dramatically increase the firms operations. When combined with the expansion of the firms Quebec facilities, as well as a planned facility in Paraguay, the company expects to hit a total of 8 EH/s in computing power by the end of 2022.
“With five mining facilities up and running in Quebec, Canada, we are building on our proven design, technology expertise and implementation track record, with our sixth, and largest, planned farm in Argentina,” commented Emiliano Grodzki, whom is CEO of the company.
Site preparation has reportedly already begun, with design and development work for the project already being completed. An anticipated completion date was not provided.
The announcement follows the firm earlier this week indicating that its operations now exceed a hashrate of 1.6 EH/s following expansions of its Quebec facilities.
Bitfarms last traded at $6.50 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.