Inspenet, July 21, 2023.
Bitfarms, a prominent Bitcoin mining company, has announced its plan to establish two new mining farms in Paraguay, a destination that is gaining relevance in the industry due to its favorable geographical conditions.
According to the official statement, these farms will make use of the abundant renewable hydroelectric energy available in this South American country. To this end, the Canadian company has signed a purchase agreement with the local supplier to obtain up to 150 MW of hydroelectric power at an approximate cost of USD 0.039 cents per kWh, before VAT.
The strategic locations for the new facilities will be Villarrica and Yguazu . In Villarrica, the construction of a substation will take place starting in the third quarter of 2023, followed by the creation of a second mining facility. With this move, Bitfarms seeks to take advantage of renewable energy in Paraguay to boost its cryptocurrency mining operation.
It should be noted that in Yguazú, Bitfarms is in a favorable position to establish a new mining farm with a capacity of up to 100 MW. Although the deadlines for the construction of this facility have not yet been defined, the company has the opportunity to develop a large-scale mining project in that location.
Bitfarms and Bitcoin mining in South America
The construction of these two mining facilities for Bitcoin in Paraguay positions Bitfarms as one of the main companies in the sector in the region. As reported by CriptoNoticias, the company has already inaugurated a megafarm in Río Cuarto, Córdoba, Argentina, in 2022, with a hashrate of 5.0 EH/s according to the most recent data available in March 2023.
Bitfarms CEO Geoff Morphy highlights the strategic importance of these new acquisitions and emphasizes the availability of surplus renewable energy in Paraguay. “Looking ahead to the upcoming Bitcoin halving, we are looking to fuel growth by leveraging our experience in farm design and expanding our geographic footprint, thereby optimizing unused energy resources globally,” Morphy said.
In Paraguay, the Bitcoin mine has aroused the interest of many due to low electricity costs. Although a regulation was proposed in recent months, this measure was finally vetoed by President Mario Abdo Benítez.
Source: https://www.criptonoticias.com/mineria/bitfarms-abrira-granjas-mineria-bitcoin-paraguay/
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