Bitcoin Mining Company Bitfarm’s Kickstarter Megafarm Operations in Argentina
Bitfarms’ megafarm Bitcoin facility in Argentina is now online and already contributing to the overall hashrate of the Bitcoin network.
This after the farm, which started construction in October 2021, was finally unveiled and started operating on 16 September last year. Currently, the plant, in its first phase, generates 10 megawatts (MW) of mining power.
The Nasdaq-listed Bitcoin mining company said it will gradually scale up operations of the facility until it reaches full capacity next year, when it is estimated to contribute around 50 megawatts (MW) and reach the company’s 2023 mining target.
Image: iGaming.org
Most modern and largest mining operation
While the Argentina-based megafarm is only limited to 10 MW of mining power, it is already enough to host mining equipment that Bitfarms expects will increase in number once the facility’s delivered power grows five times its current capacity.
When it reaches the 50 MW power generation, it will contribute a whopping 2.5 exahash per second (EH/s) to the current mining power provided by the global company to the Bitcoin network.
Originally, the facility was to be completed by September. Due to several delays, the timeline for completion was adjusted to mid-2023. However, Bitfarms is not losing sleep over such a setback, considering that this will be the largest and most modern mining operation.
In fact, in previous talks about the megafarm, the company said it wants Antminer S19 Pro Hydro miners. These units are equipped with water cooling designed for better efficiency and performance.
Challenges and rocky start
While the Bitcoin mining facility is expected to be completed next year, the beginning was not without drama and challenges.
First, when Argentina suffered an energy crisis last year, the project was met with negative comments. Argentine regulators became wary of the construction of the megafarm and began to question its nature as well as the energy that will be used for its operation.
Speaking of energy, Bitfarms was able to get a good deal, negotiating a private deal with a supplier that promised a very competitive price of just $0.02.2 per kilowatt hour.
Despite this huge advantage they got, the global mining company is still worried about the recent drop in Bitcoin prices. At the time of writing, the leading cryptocurrency is trading at $18,475, losing 15% of its value over the past seven days, according to data from CoinGecko.
BTC total market cap at $352 billion on the daily chart | Source: TradingView.com Featured image from Infobae, Chart: TradingView.com
