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Secures 200 MW for Bitcoin Mining

Must Read
  • Growth permits Bitfarms to handle 528 MW, leveraging current infrastructure to scale back prices per megawatt.
  • Amidst growth, former CEO Geoffrey Morphy sues Bitfarms for $27 million over alleged contractual breaches.

Regardless of regulatory uncertainties in Paraguay, Bitfarms, a Bitcoin mining firm listed on each Nasdaq and the Toronto Inventory Alternate, has efficiently secured an extra 100 megawatts (MW) of electrical energy from Paraguay’s state-owned energy firm, Administración Nacional de Electricidad (ANDE). This improvement comes as lawmakers in Paraguay deliberate on doubtlessly banning mining actions associated to the cryptocurrency.

Bitfarms introduced on its official web site that this new allocation of energy would double the hydroelectric capability of its facility below development in Yguazú, jap Paraguay. This website is anticipated to be absolutely operational by 2025. Initially, the Yguazú website was allotted 100 megawatts of energy, and with the latest growth, it is going to now handle a complete of 200 megawatts.

The development of the Yguazú farm, which started in March, has progressed swiftly, with high-tension interconnections already established to ANDE’s substation. Based on Bitfarms, the hydroelectric energy might be generated at a value of $0.039 per kilowatt-hour (kWh), a charge not topic to inflationary will increase.

Ben Gagnon, Bitfarms’ Director of Mining, said that the extra 100 MW supplies a cheap progress path by means of the primary half of 2025 and doesn’t have an effect on their goal of attaining a hash charge capability of 21 exahashes per second by 2024.

“Importantly, this growth leverages our current development plan, amortizing improvement prices over a broader infrastructure base and lowering total prices per megawatt,” added Gagnon.

With this growth, Bitfarms goals to extend the megawatts below its administration by 23%, rising from 428 MW to 528 MW. Gagnon emphasised that this growth leverages their current development plan, spreading improvement prices over a broader infrastructure base and lowering total prices per megawatt.

“The extra 100 MW supplies a low-cost progress path for the primary half of 2025 with out affecting our goal of 21 EH/s by 2024, which stays on schedule,” commented Ben Gagnon, the corporate’s head of Mining.

Damián Polla, Common Supervisor for LATAM at Bitfarms, highlighted the speedy progress of the corporate’s initiatives in Paraguay, facilitated by the growth of infrastructure on the Paso Pe and Yguazú parks.

Native Information reported in July 2023 that development had begun on two new mining farms in Paraguay, one in Villarrica and the opposite in Yguazú, marking the nation’s rising significance within the trade resulting from its geographical situations.

Bitfarms, which additionally operates a mega-farm in Río Cuarto, Córdoba, Argentina since 2022, views the developments in Paraguay as indicative of higher progress alternatives in Latin America in comparison with different areas. Polla identified Paraguay’s distinctive potential, highlighted by its plentiful hydroelectric sources.

Bitfarms operates further Bitcoin mining amenities in america and Canada. In April, the corporate introduced plans to take a position roughly USD 240 million to improve its mining gear following the halving, aiming to extend its hash charge capability to 21 exahashes per second.

Amid these expansions, Bitfarms can be navigating by means of an argument involving its former CEO, Geoffrey Morphy, who just lately filed a $27 million lawsuit towards the mining agency. Morphy was anticipated to proceed as CEO and president till a substitute might be discovered, following his introduced departure in March.

Nevertheless, on Might 13, the corporate terminated him after he accused Bitfarms of breach of contract, wrongful dismissal, and aggravated and punitive damages.

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