Bitfarms, a bitcoin mining company, announced last week that construction is underway for a mega bitcoin mining farm in Argentina. The facility, which is designed to accommodate 55,000 miners, will be finished by next year. This is yet another signal that mining companies are looking for new areas with favorable conditions and cheap energy to migrate to, including places like Texas and El Salvador.
Bitfarms Expands to Argentina
Bitfarms, a Nasdaq-listed bitcoin mining company, announced it started building what will be a mega bitcoin mining farm in Argentina last week. The company says this facility will be able to power thousands of miners with power secured through a contract with a private power company. The farm will provide more than 210 megawatts of infrastructure capacity for the company, which reported having a mining power of 1.4 exahash per second in September.
About the construction, Emiliano Grodzki, CEO of Bitfarms, stated:
Our new high-production facility in Argentina, which is expected to accommodate over 55,000 miners upon completion, will greatly expand our capacity and global footprint.
Grodzki noted this facility will help the company achieve its goal of eight exahash per second by the end of next year.