Canadian bitcoin miner Bitfarms plans to build its first data center in the United States after purchasing a plot of land in Washington state.
In an announcement on November 11, Bitfarms said it aims to set up mining operations in the United States capable of producing 620 petahs per second using Bitmain’s 6,200 hydropower platform. The company has already purchased a 24 megawatt hydropower park in Washington for $26 million, But it plans to expand it to 99 megawatts by developing more farms in the area.
Bitfarm CEO Emiliano Grodsky said the company chose Washington because of “cost-effective electricity” and production scale. With the addition of a 24 MW data center, the company currently has a total mining capacity of 106 MW, but the completed facilities are estimated to be able to produce 3.7 Bitcoin (BTC) per day at a cost of approximately $4,000 per bitcoin – currently BTC – price of $65,000, meaning a daily profit of $65,000. $183,000.
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While many mention the potential environmental impact of crypto mining, Bitfarms says its Canadian plant is almost exclusively powered by hydropower. Cointelegraph previously reported that Bitfarms doubled its monthly crypto mining performance between January and July, mining 199 BTC and 400 BTC respectively, possibly as a result of the crackdown on Chinese miners.
The miner currently has 10 operating or developed farms in countries including the United States, Argentina and Canada, according to the miner. At the time of publication, Bitfarms states a mining capacity of 82 megawatts at a rate of 1.8 exahs per second.