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On July 28, bitcoin mining company Bitfarms announced the completion of the second phase of its facility expansion, adding approximately 18 megawatts (MW) of capacity to the operation. The mining facility called “The Bunker” now has approximately 3.8 exahashes per second (EH/s), after the 18MW increase boosted computing power by 200 petahashes per second (PH/s).
Bitfarms Ltd. (Nasdaq: BITF) has announced that the company has improved The Bunker by adding 18 MW of capacity to the facility. The company completed phase 2 of The Bunker’s construction, and there are a total of 9,450 bitcoin miners installed. Bunker started operations in March 2022, and in phase 3 the data center will be expanded. Phase 3 aims to add another 3250 miners to the facility which will add 325 PH/s hashrate.
Currently, Phase 2 was an 18MW increase that added 200PH/s to operations, and the company claims to manage a total of 3.8EH/si day or about 2% of today’s global hashrate. “Completing Phase 2 of the Bunker expansion is a strategic milestone that helped increase our hash rate to 3.8 exahash per second (EH/s), up 5.5% from the beginning of July,” said Geoff Morphy, president and COO of Bitfarms in a statement.
Morphy added:
Along with an additional 3 MW of low-cost hydro that came online this month at our Washington State mine, our total operating capacity is now 158 MW. Significantly, with our higher hashrate, an increase in our current production came to 16.8 BTC/day, a 15% increase from 14.6 BTC/day at the end of June.
Bitfarms completing Phase 2 comes at a time when digital asset prices are much lower than they were a few months ago. Damian Polla, Bitfarm’s Latam general manager explained during the first week of June that falling bitcoin prices pose a challenge. “The biggest challenge facing the sector in the short term, both in Argentina and globally, is the fall in the price of bitcoin, which reduces revenues and increases operating costs,” Polla said at the time.
A lot has been happening within the bitcoin mining sector, and the network’s difficulty adjustment recently made it 5% easier to find BTC block rewards. Bitcoin miner Marathon recently secured 254MW of power to improve operations, and mining company Cleanspark says the crypto winter has shown “unprecedented potential.”
In addition to The Bunker, the company’s state farms in Washington have just gained an additional 3 MW of capacity, and low-cost hydropower and stable electricity prices give the facility an advantage over the company’s other mining facilities.
“This past week we have selectively redeployed some mining resources as we continue to bring new miners online,” Morphy added. “Along with slight delays in receiving new mining shipments, the net effect is that we expect to experience a more gradual increase in our hashrate and reach our 4 EH/s target by early August. Additionally, we are confident of completing our current international growth plan and achieve 6 EH/s by the end of the year.”
What do you think about Bitfarms expanding The Bunker and harvesting 16.8 bitcoin per day? Let us know what you think about this topic in the comments section below.
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