Bitfarms Increases Bitcoin Mining in August 2022 by DailyCoin

Bitfarms, a global (BTC) self-mining company, mined 534 Bitcoins for an average of 17.2 BTC/day in August 2022 alone, up 50% from August 2021.

A Bitfarms press release said the company averaged over 17 BTC per day, ending the month with a total output of 534 BTC, up 7% from 500 BTC in July.

Speaking about the growth in Bitcoin mining, Ben Gagnon, Chief Mining Officer at Bitfarms said, “Our hash rate grew to 3.9 EH/s, up 1% from the beginning of August, and we averaged 3.8 EH /s for the month.”

The company saw the following numbers in terms of monthly production in 2022 so far:

Commenting on the August reports, Geoff Morphy, president and COO of Bitfarms, said, “The first segment of our first 50 megawatt (MW) facility in Rio Cuarto, Argentina, is nearing production and will be a key contributor to achieving our goal. deliver 4.2 exahashes per second (EH/s) by September 30.”

Focused on developing the Bitcoin farm project in Argentina and Paraguay, BitfarmGagnon said,

More specifically, the first 10 MW of this storage is scheduled to be energized and start production ahead of schedule later this month, with capacity being added incrementally through Q4 2022. Construction of our second 50 MW storage in Rio Cuarto is scheduled to begin in September and is expected to be completed around the beginning of the second quarter of 2023.”

Paraguayan President Benítez vetoed the bill to recognize cryptocurrency mining as an industrial activity

Paraguay’s president, Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity, as confirmed on social media. He believed that mining’s high electricity consumption could prevent the expansion of a sustainable national industry.

According to the document, over the past twelve months, industrial investment has grown by 220% in the country to $319 million, while GDP increased by more than 4% over the past five years. If this rate continues, the national industry may demand that the total amount of energy produced and available in the country remains sustainable. “If Paraguay wants to intensify crypto mining today, over the next four years, it will be forced to import electricity,” the decree said.

On the other side

• Countries involved in supporting crypto mining are struggling to find a sustainable source of electricity.

Why you should care

The two countries, Argentina and Paraguay, have been chosen by the company as the spearhead for a large-scale BTC mining project in the coming years.

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