Bitfarms Expands Mining Operations With New 100 MW Facility in Paraguay, Aiming for 21 EH/s Capacity by Year End

Bitfarms Expands Mining Operations With New 100 MW Facility in Paraguay, Aiming for 21 EH/s Capacity by Year End

On Wednesday, Bitfarms, a bitcoin mining enterprise listed on the U.S. stock market, revealed the successful acquisition of a new site in Yguazu, Paraguay, earmarked for a 100 megawatt (MW) mining facility. This development is part of Bitfarms’ ambitious plan to escalate its capacity to 21 exahash per second (EH/s) by year’s end.

Bitfarms Targets 21 EH/S Capacity With New Paraguay Facility

The announcement by Bitfarms (Nasdaq: BITF) about securing land in Yguazu, Paraguay, aligns with the current trend of significant expansion observed in the mining sector. This period has seen numerous mining corporations extend their operations and procure an extensive array of tens of thousands of application-specific integrated circuit (ASIC) mining rigs.

“The newly acquired land is located in the heart of Paraguay near the Itaipú Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity,” Geoff Morphy the president and CEO of Bitfarms remarked on Wednesday. “Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally.”

Morphy added:

Once Yguazu comes online, over 85% of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining.

Bitfarms anticipates completing the construction phase by the latter part of 2024. This growth is a key component of Bitfarms’ strategy to boost its corporate hashrate to 21 EH/s by the close of 2024, leveraging a purchase option agreement with Bitmain for additional T21 mining rigs. On Wednesday, BITF shares witnessed a 5% increase in value against the U.S. dollar, yet the stock has experienced an 8% decline over the week. Additionally, 30-day data reveals a loss exceeding 25% in BITF shares’ value this month.

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