The Canadian bitcoin mining company Bitfarms has updated its plans to expand to South America, revealing that it has entered into an eight-year contract to draw up to 210 megawatts or megawatts of electricity to $ 0.022 per kilowatt-hour or kilowatt-hour ( kilowatt- hour) hour.

According to the announcement from 19 April, Bitfarms has made significant progress in setting operating conditions in Argentina since it first signed a non-binding memorandum of understanding to build a 60 MW power plant in October 2020.

Bitfarms said that in addition to the expansion, which provides a 250% increase in capacity and an agreement on a 10% increase in electricity prices, negotiations are underway with a local construction company and an engineering supplier to start construction of a mining facility near the facility. is a power generation partner, and is now aiming to start mining bitcoin at the facility in early 2022.

In early March, Bitfarm’s 48,000 next-generation MicroBT commissioned bitcoin miners, with a recent announcement indicating that “a significant portion” of the inventory is set to be distributed at the new facility.

Bitfarms estimates that in the fourth quarter of 2020, bitcoins could be recovered for as little as $ 4,125 per bitcoin in Argentina, representing a savings of approximately 45% at a facility in Quebec that can generate bitcoins at $ 7,500 each.

Lower production costs will also allow Bitfarms to extend the life of many older mining units, noting that a significant portion of the old mining equipment will be relocated to Argentina when the new facility is operational.

Bitfarms describes the facility as “diversification of exploration products to reduce risk and effectively secure Bitfarms for the next six months in 2024.”

Earlier this month, Bitfarms announced that it will deploy 3,496 new miners between April and July this year, increasing its operating speed to 280 quintiles per second.

The company also indicated that it is adding 7.5 bitcoins to its reserves daily and currently has 650 bitcoins worth $ 41 million and expects the shares to have 1,000 bitcoins over the next seven weeks.

Source: CoinTelegraph