- Bitfarms, a bitcoin mining company listed on Nasdaq and TSX, has secured an additional 100 MW of power from Paraguay’s ANDE.
- The boost is set to double the capacity of the hydro-powered Yguazu site by 2025.
- The expansion aims to capitalize on low-cost electricity generation at $0.039 per kWh.
Bitfarms’ Hydropower Expansion
Bitfarms, a prominent player in the bitcoin mining sector, is fortifying its operations in Paraguay through a strategic move. The company recently inked a deal with Paraguay’s state-owned utility firm, ANDE, securing an additional 100 MW of power. This power infusion is slated to bolster Bitfarms’ Yguazu facility, already powered by hydroelectricity, effectively doubling its capacity. The expansion comes as part of Bitfarms’ ongoing efforts to ramp up its mining capabilities and capitalize on the burgeoning demand for cryptocurrencies.
Driving Growth and Efficiency
The 100 MW boost is not merely about scaling up operations; it’s a strategic maneuver aimed at enhancing cost-efficiency and sustainability. By harnessing low-cost hydropower, Bitfarms aims to generate electricity at $0.039 per kWh, a significant advantage in an industry known for its energy-intensive operations. Furthermore, the expansion aligns with Bitfarms’ long-term growth strategy, enabling the company to meet its targets without compromising on operational efficiency.
Paraguay’s Potential as a Crypto Mining Hub
Bitfarms’ investment in Paraguay underscores the country’s emergence as a key player in the global crypto mining landscape. With abundant renewable energy resources, particularly hydroelectric power, Paraguay offers an ideal environment for sustainable mining operations. By leveraging Paraguay’s energy infrastructure and favorable regulatory environment, Bitfarms aims to position itself at the forefront of the industry’s growth trajectory.