Bitfarms Expands Bitcoin Mining with Renewable Energy in Paraguay

Bitfarms Ltd, a global Bitcoin mining firm, has secured two Power Purchase Agreements (PPAs) in Paraguay. This move aims to harness up to 150 MW of eco-friendly hydropower.

The company plans to leverage 50 MW in Villarrica and 100 MW in Yguazu. The former is near Bitfarms’ existing operations, while the latter is close to the Itaipu dam, one of the world’s largest hydroelectric dams.

In pursuit of growth ahead of the next Bitcoin halving, Bitfarms CEO, Geoff Morphy, expressed the firm’s strategy. It involves tapping into underutilized power resources and expanding their geographic reach.

Construction in Villarrica will start in Q3 2023, with a sub-station followed by a second mining facility. The timeline for a new farm development in Yguazu, with up to 100 MW mining capacity, is yet to be set.

Hydropower at both locations will cost around 3.9 cents per kWh before VAT. There will be no annual inflationary adjustments. The acquisitions are set to bolster Bitfarms’ presence in resource-rich Paraguay, known for its surplus renewable power.

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