Hydro Expansion: Bitfarms Begins 50 MW Bitcoin Mining Farm Buildout in Paraguay

Bitfarms Ltd. has started improvement connected a caller 50-megawatt (MW) Bitcoin mining installation successful Paraguay, the institution announced connected August 7, 2023. The workplace volition beryllium located successful Paso Pe adjacent Bitfarms’ existing mining operations successful Villarrica and is expected to beryllium afloat operational successful the archetypal 4th of 2024.

Bitfarms to Pioneer Hydro-Cooled Mining successful Paraguay With New 50 MW Facility; Prepares for 2024 Bitcoin Halving

The announcement comes conscionable weeks aft Bitfarms (Nasdaq: BITF) secured 150 MW of hydropower contracts successful Paraguay. According to Bitfarms CEO Geoff Morphy, the institution chose Paraguay for enlargement owed to debased gathering costs and accelerated operation timelines.

“Achieving precocious operating efficiencies portion minimizing capex is an overarching extremity successful our planetary maturation strategy heading into adjacent year’s halving,” said Morphy. “Based connected our acquisition successful the jurisdiction, Paraguay affords some debased gathering costs and accelerated clip to completion.”

The caller installation volition dwell of a 50 MW substation, a 30 MW air-cooled warehouse, and 20 MW of hydro-cooled mining containers from Microbt. Bitfarms volition instal 1,920 of Microbt’s caller M53S+ miners successful the containers, which are specially designed for immersion cooling.

The miners and infrastructure are being purchased wholly with vendor credits, importantly reducing Bitfarms’ currency outlay. According to Bitfarms Chief Mining Officer Ben Gagnon, the M53S+ miners volition nutrient 675 PH/s astatine an ratio of 28.5 W/TH, making them immoderate of the astir businesslike miners successful Bitfarms’ fleet.

This marks Bitfarms’ archetypal foray into hydro-cooled mining, a exertion that Gagnon says has the imaginable to beryllium little costly than accepted immersion cooling. The institution believes rapid expansion successful Paraguay highlights Bitfarms’ strategy of pursuing low-cost powerfulness sources to amended profitability, particularly heading into the Bitcoin halving successful 2024.

What bash you deliberation astir Bitfarms gathering retired its mining operations successful Paraguay? Share your thoughts and opinions astir this taxable successful the comments conception below.