On Tuesday, bitcoin mining firm Bitfarms, listed on the Nasdaq and Toronto Inventory Trade (TSX), introduced it has secured an extra 100 megawatts (MW) of energy from Paraguay’s state-owned utility agency, ANDE. The 100 MW is anticipated to double the capability of the hydro-powered Yguazu web site and must be totally operational by 2025.
Bitfarms to Double Yguazu Bitcoin Mining Web site Capability
Bitfarms (TSX: BITF) has acquired an additional 100 MW of capability for its hydro-powered Yguazu facility in Paraguay. In response to the corporate, this hydropower will generate low-cost electrical energy at $0.039 per kilowatt-hour (kWh) with out being topic to inflationary will increase. Building on the Yguazu web site commenced in March, together with the high-voltage interconnection to the ANDE substation.
“The extra 100 MW gives a low-cost progress path for the primary half of 2025 with out impacting our 2024 21 EH/s goal which stays on schedule,” Bitfarms’ chief mining officer, Ben Gagnon, remarked on Tuesday. “Rising Yguazu to 200 MW is anticipated to extend our 2025 megawatts below administration by 23% from 428 MW to 528 MW.”
Gagnon added:
Importantly this growth takes benefit of our current development plan, amortizing improvement prices over a broader infrastructure base and driving down total prices per megawatt.
Damian Polla, Bitfarms’ Normal Supervisor of LATAM, defined that the megawatts had been obtained immediately by ANDE with none direct acquisition prices. Polla added that Paraguay represents Bitfarms’ most vital progress alternative, with 270 MW of infrastructure growth from the brand new Paso Pe and Yguazu farms. In the meantime, Bitfarms’ inventory has confronted stress, declining 16.7% over the previous 5 days. Nonetheless, over the previous six months, BITF has nonetheless risen 37% to this point.
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