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Market

Bitfarms Reveals Argentina Mega-Mining Farm Location Details

November 9, 2021 - Around 2 mins mins to read

Bitfarms, the Canada-based Bitcoin mining unicorn, has finally revealed information about its operations in Argentina. According to the company, the Bitcoin massive mining farm, which broke ground last month, will be built in the province of Cordoba in collaboration with a private power plant. Bitfarms will reportedly purchase energy directly from this commercial power company, causing no strain on the country’s power grid.

8488eb0c c282 11eb b0c2 606eecf395cb image hires 104950 gmiw
Source:  BLOOMBERG

Bitfarms has released information about the development of its bitcoin mega-mining farm in Argentina, which, when completed, will be the ‘s biggest mining complex. The farm’s position had not been confirmed by the company until now. It was revealed by local media that it will be located in the provincial capital of Cordoba, in the city of Rio Cuarto.

The facility will shelter more than 210 megawatts of power capacity, allowing the company to install miners at a very low cost. The facility will be built within a complex that also houses an Albanesi group power plant. In this case, the power will be supplied directly from the plant, bypassing the national power grid.

The company also provided more information about the upcoming farm, which is expected to be operational as soon as next year. Damian Polla, Latam’s general manager of Bitfarms, stated:

We will generate approximately 500 jobs during construction and another 100 during the operation of the data center. This is a contract for the sale of energy between private parties, which does not involve any type of subsidies, taking into account that the demand is not connected to the grid.

These statements help to assuage the concerns of Argentina’s legislators, who have been asking for more information about the project’s current status. Martn Berhongaray, a national deputy, called for the government to release all information related to this matter in a law proposed plan last month.

The deputy was concerned about the potential effects of such a large project on the power network, the environment, and the long-term viability of the agreement with the power company. Bitfarms signed an eight-year contract with the Albanesi group to pay 2.2 cents per kilowatt-hour, enabling it to retain more bitcoin income by bringing down production costs.

Patrick

Coincu News

Market

Bitfarms Reveals Argentina Mega-Mining Farm Location Details

Bitfarms, the Canada-based Bitcoin mining unicorn, has finally revealed information about its operations in Argentina. According to the company, the Bitcoin massive mining farm, which broke ground last month, will be built in the province of Cordoba in collaboration with a private power plant. Bitfarms will reportedly purchase energy directly from this commercial power company, causing no strain on the country’s power grid.

8488eb0c c282 11eb b0c2 606eecf395cb image hires 104950 gmiw
Source:  BLOOMBERG

Bitfarms has released information about the development of its bitcoin mega-mining farm in Argentina, which, when completed, will be the ‘s biggest mining complex. The farm’s position had not been confirmed by the company until now. It was revealed by local media that it will be located in the provincial capital of Cordoba, in the city of Rio Cuarto.

The facility will shelter more than 210 megawatts of power capacity, allowing the company to install miners at a very low cost. The facility will be built within a complex that also houses an Albanesi group power plant. In this case, the power will be supplied directly from the plant, bypassing the national power grid.

The company also provided more information about the upcoming farm, which is expected to be operational as soon as next year. Damian Polla, Latam’s general manager of Bitfarms, stated:

We will generate approximately 500 jobs during construction and another 100 during the operation of the data center. This is a contract for the sale of energy between private parties, which does not involve any type of subsidies, taking into account that the demand is not connected to the grid.

These statements help to assuage the concerns of Argentina’s legislators, who have been asking for more information about the project’s current status. Martn Berhongaray, a national deputy, called for the government to release all information related to this matter in a law proposed plan last month.

The deputy was concerned about the potential effects of such a large project on the power network, the environment, and the long-term viability of the agreement with the power company. Bitfarms signed an eight-year contract with the Albanesi group to pay 2.2 cents per kilowatt-hour, enabling it to retain more bitcoin income by bringing down production costs.

Patrick

Coincu News

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