Bitcoin mining company Bitfarms recently reached a new high in its hashrate, as it expands its operations in Argentina. The company has been ramping up its infrastructure in the South American country, taking advantage of its low electricity costs and favorable regulatory environment. This move is part of Bitfarms’ ongoing efforts to increase its global mining capacity and grow its share of the bitcoin mining market. With its latest hashrate milestone, the company is well positioned to take advantage of the growing demand for cryptocurrency and the increasing adoption of blockchain technology.
Bitfarms Achieves All-time High Hashrate of 5.0 EH/s Following Argentina Expansion
Bitcoin mining company Bitfarms has achieved a new milestone with its hashrate reaching an all-time high of 5 exahash per second (EH/s), according to an announcement made to investors. This marks a significant achievement since the company fired up its operations in Argentina last year. Bitfarms attributed the expansion of production at its farm in Rio Cuarto, Argentina, for the milestone achievement. The low energy costs in the region have been instrumental in the company’s growth.
Bitfarms is now targeting a hashrate of 6 EH/s by the end of the year, and it has already purchased 6,200 new Bitmain and MicroBT miners to achieve this goal. The company has more orders in the works, indicating its commitment to continued growth in its operations.
The energy costs for the Argentina location, where the company uses natural gas, are currently expected to be below $0.03 per kilowatt-hour. This gives Bitfarms the best-in-class average cost of Bitcoin mined. The company, listed on both the Nasdaq and the Toronto Stock Exchange, has a total of 10 mining facilities across Canada, the U.S., Paraguay, and Argentina.
Bitfarms CEO Geoff Morphy explains that the milestone is the result of the team’s hard work over the last two years. The business’s largest, most advanced, and lowest cost facility in Argentina, aided by the low energy costs, has helped the company put up robust performance.
The Argentina project was first announced in April 2021, and the initial contract was set to last for eight years. The company’s expansion plans have seen it grow significantly, with more growth prospects on the horizon. The company’s remarkable performance in the face of challenges facing the cryptocurrency industry speaks to its resilience and determination. Its focus on low-cost production, advanced technology, and strategic partnerships gives it the competitive edge required to thrive in the crypto industry.
In summary, Bitfarms has achieved yet another milestone in its growth trajectory, signaling its resolve to emerge a key player in the Bitcoin mining industry. The low energy costs and strategic expansion plans have been instrumental in the company’s growth. With more orders in the works and ambitious growth targets, the future looks bright for Bitfarms.