Bitfarms begins construction of Argentina data centre to house 55,000 miners

The Canadian publicly traded mining company Bitfarms has begun construction in Argentina of a new cryptocurrency mining facility with a capacity of 210 MW.

“The Argentina facility, which is expected to host more than 55,000 miners once construction is complete, will significantly expand our capacity and global footprint. Coupled with growth in Quebec and a planned expansion in Paraguay by the end of 2022, we will be able to reach a hash rate of 8 EH/s,” said Bitfarms CEO Emiliano Grodzki.

According to him, electricity costs for the new facility will be $0.022 per kWh. The signing of an eight-year private supplier agreement contributed to a drop in demand in the area around the data centre.

The turnkey construction contract was signed with Proyectos y Obras Americanas SA. Independent supervision and quality control will be handled by Dreicon SA.

The facility will be located in four warehouse-style buildings adjacent to a power plant. Some design and surveying work has already been completed and site preparation has begun, the company said.

It is expected that the facility will include 48,000 miners from MicroBT that Bitfarms purchased in early 2021. As of writing, the company’s fleet numbers about 21,500 devices installed at five farms in Quebec, according to the press release.

In the third quarter, Bitfarms mined 1,050 BTC, up 38% from the same period a year earlier.

In June, the Nasdaq-listed company went through a Nasdaq listing.

In August, Bitfarms said its crypto reserves reached 1,678 BTC. According to analysts, Nasdaq-listed mining companies collectively accumulated more than 20,459 coins worth over $1.1 billion.

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