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Bitfarms, a global Bitcoin mining company, has started operations in its mining megafarm located in Argentina. The farm, launched on September 16, is currently generating 10 megawatts (MW) of mining power during the first phase and will scale operations to be fully operational next year. Bitfarms estimates it will contribute 50 MW to fulfill the company’s mining goals in 2023.
Bitfarms, a Nasdaq-listed bitcoin mining company, has begun mining operations at it’s megafarm located in Argentina. The construction of the facility, which started on October 2021, has now reached a milestone, allowing it to start operating, and contributing hashrate to the Bitcoin network.
In this first phase, the facility is able to produce 10 MW of energy to host mining equipment. The company expects these facilities to host a multitude of miners in the future, growing its provided power fivefold. In the future, 50 MW will contribute 2.5 exahash per second (EH/s) to the current mining power provided by the company. The farm’s construction was estimated to be completed by last September, but due to several delays, it is now expected to be fully operational by mid-2023.
However, according to the company, this will be its most modern and it’s largest mining operation when completed. Bitfarms had previously informed that it will host Antminer S19 Pro Hydro miners in this facility, units that feature water cooling for better efficiency.
This event marks the beginning of the completion of this project, which was criticized at some point due to the energy crisis that Argentina suffered last year. In fact, the construction of this megafarm caused concerns amongst Argentine regulators, with come making inquiries about the nature of the project and the nature of the energy that would be used.
Bitfarms negotiated a private agreement with a provider capable of delivering prices of $0.02.2 per kilowatt hour (kWh), a very competitive fee. However, even with this advantage, Bitfarms has expressed its worries about the sudden decline of bitcoin prices in international markets. In June, Damian Polla, Bitfarm’s Latam General Manager stated this factor was the biggest challenge that the mining industry was facing in the short term.
Even so, the company is still forwarding investments to modernize and expand its existing mining infrastructure. In July, the company announced the completion of the second phase of the expansion in “The Bunker,” another mining facility the company operates, adding 18 MW to the power of the operation and to increase the firm’s hashrate by 200 petahash per second (PH/s).
