Bitfarms, the Canadian publicly traded mining company, said it acquired, for $26 million, a data center with a 24 MW capacity in Washington State, United States.
⚡ Bitfarms Acquires 24 Megawatts of Hydro Power in the U.S. 🇺🇸 and Enters into Memorandum of Understanding to Expand Up to 99 MW
🔗 More Info: https://t.co/xCcIUHkWsU
🚀 $BITF #BTC #BitcoinMining #Blockchain #NasdaqListed pic.twitter.com/f2d1UvAvwg
— Bitfarms (@Bitfarms_io) November 11, 2021
Bitfarms signed a letter of intent to expand capacity to 99 MW. The electricity at the site is generated from renewable sources. This reduced its cost by 25% versus the Quebec site in Canada. The average across all of the company’s mining centers fell to below 4 cents per kilowatt-hour.
In July, the firm deployed 4,000 S19j Pro devices from Bitmain in one of its data centers in Washington with a hash rate of 400 PH/s and a capacity of 12 MW. After the acquisition, the agreement was terminated.
Bitfarms plans to install 6,200 similar miners with a total compute capacity of 620 PH/s. The projected fleet yields 3.7 BTC per day at an estimated cost of $4,000 to mine one bitcoin.
“Our strategy is to expand operations without compromising business efficiency. When locating equipment we choose places with economical electricity costs. Washington meets these criteria.”, — said the company’s CEO Emiliano Grodsky.
Thanks to the deal, the number of operating or planned Bitfarms farms rose to ten. They are located in four countries.
Earlier, in October Bitfarms began construction of a data center for 55,000 miners in Argentina.
In the third quarter, the firm mined 1,050 BTC, up 38% from the same period last year. By the end of September, its reserves stood at 2,312 BTC.
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