Bitfarms Doubles Production Capacity in Argentina

Canadian mining company Bitfarms has announced receiving the necessary permits to expand production capacity to 100 MW at its facility in Rio Cuarto, Argentina. The company plans to increase the farm’s active capacity by approximately 100% to 18 MW. This will be achieved with the addition of 2,100 devices purchased in March and April. This expansion is expected to raise the hashrate to 5 exahashes per second.

Bitfarms CEO Geoff Morphy highlighted the benefits of the permit: «We will be able to receive electricity at a level below $0.03 per kWh. We expect the value of Bitcoin mined from this farm to decrease slightly as we actively expand operations.»

The company launched a new bitcoin mining farm in Rio Cuarto, Argentina, in 2022, initially powered at 10 MW. The facility hosts the latest water-cooled Antminer S19 Pro Hydro models. However, Bitfarms reported a decline in net profit to $5 million in the first quarter of 2022, prompting management to scale back plans for business development.