An international Bitcoin mining company called Bitfarms has opened up shop in Argentina with its mining megafarm. The farm, which was inaugurated on September 16, is already producing 10 MW of mining power during the first phase and will expand operations to be fully operational next year. In 2023, Bitfarms expects to contribute 50 MW to the company’s mining objectives.

Mining operations are started by Bitfarms in an Argentine megafarm.

Bitfarms, a bitcoin mining business with a Nasdaq listing, has started mining at its megafarm in Argentina. The facility’s construction, which began in October 2021, has now accomplished a significant milestone that will allow it to begin running and supplying hashrate to the Bitcoin network.

The plant can generate 10 MW of energy in this initial phase to power mining machinery. The business anticipates that these facilities will eventually house a large number of miners, increasing the amount of power they provide by a factor of five. Future mining power delivered by the company will increase by 2.5 exahashes per second (EH/s) thanks to 50 MW. Originally scheduled to be finished by last September, the farm is now anticipated to be completely operating by the middle of 2023 due to a number of delays.

However, the business claims that when it is finished, this will be its biggest mining operation. The Antminer S19 Pro Hydro miners, which have water cooling for greater efficiency, will be housed in this facility, according to a prior announcement from Bitfarms.

Background and Project Story

This occasion heralds the start of the project’s completion, which had been criticized at one time because of the energy crisis Argentina had last year. In fact, Argentine officials expressed worries over the development of this megafarm and sought clarification on the project’s nature and the type of energy it will use.

Bitfarms established a private contract with a supplier who could offer rates of $0.02.2 per kilowatt hour (kWh), which is a very reasonable price. Even with this benefit, Bitfarms has expressed concern over the precipitous drop in bitcoin values on global markets. This element, according to Damian Polla, general manager of Bitfarm’s Latam region, is the biggest short-term challenge the mining industry is experiencing.

The business is nevertheless continuing to make investments in order to upgrade and expand its current mining infrastructure. The second phase of the expansion of “The Bunker,” another mining facility the company runs, was finished in July, and the hashrate of the operation was increased by 200 petahashes per second (PH/s) and 18 MW.