Bitfarms Doubles Power Capacity in Paraguay, Eyes Sustainable Expansion

Bitfarms Ltd., a leader in vertically integrated Bitcoin mining, announced a significant expansion at its Yguazu site in Paraguay. The company has doubled its capacity to 200 megawatts (MW) by securing an additional 100 MW of hydropower through an amended Power Purchase Agreement (PPA) with ANDE, the state-owned utility. This expansion, set for deployment in 2025, secures long-term, low-cost power at about 3.9 cents per kWh, enhancing Bitfarms’ growth trajectory, according to Bitfarms.

This strategic move is part of Bitfarms’ broader initiative to enhance its operational efficiency and sustainability. The Yguazu site’s construction began in March 2024, with significant infrastructure developments, including major equipment purchases and a high-voltage interconnection contract. These efforts are poised to increase the company’s managed megawatts by 23% from 428 MW to 528 MW by 2025.

Ben Gagnon, Chief Mining Officer of Bitfarms, highlighted that this expansion leverages the existing construction plans, thereby optimizing development costs across a larger infrastructure base, ultimately reducing the cost per megawatt. This aligns with Bitfarms’ commitment to sustainable mining practices, using hydro-electric power and long-term power contracts to minimize environmental impact.

The growth in Paraguay, characterized by cost efficiencies and rapid construction timelines, positions Bitfarms to capitalize on what Damian Polla, General Manager of LATAM, calls the “greatest growth opportunity” for the company. With 270 MW of infrastructure expansion planned across new sites including Paso Pe and Yguazu, Bitfarms is set to significantly bolster its global footprint in sustainable cryptocurrency mining.