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Bitfarms gains 24 megawatts of hydro electric in the US

Bitfarms

TL;DR Breakdown

  • Bitfarms obtains 24 MW of hydroelectric firm in Washington, DC.
  • The farm is planning to host around 6,200 S19j pro miners to enhance output.

Bitfarms company has obtained a 24 Megawatts (MW) hydroelectric farm in Washington DC. So far, there is an installation of four thousand Bitmain S19j pro miners that can execute 400 petahash per second (PH/s). The installation followed a 12 MW hosting arrangement. It started in July and was later canceled after the latest deal.

Bitfarms is planning to host around 6,200 efficient mining tools. The 6200 tools will allow it to harness 620 PH/s in the plant. The farm also signed a pact with the dealer to establish other mining firms within the locality jointly. They aim to improve the mining volume to about 99 MW in Wahington, DC.

Emiliano Grodzki, CEO of Bitfarms, outlined their plan. He said the farm has a strategy that will see them widen their operation areas. The expansion will not raise their production cost as they will maintain low-cost operations. In his words, they are de-escalating and diversifying their mining portfolio. Yet, they only settle in areas where the power supply is cheap. This is their secret ingredient to robust growth.

Washington has excellent prospects for mining

Grodzki went on to highlight that their Washington partner has all the qualities they desire. And the pact between them marks Bitfarm’s entry into the USA territory. The USA entry is a milestone that builds into the mining firm’s expansion. So far, Bitfarm has about ten farms in 4 nations worldwide that are running. Among them, some are yet to become fully operational.

With this take over (24 MW), the farm’s total mining ability has risen to 106 MW. Plus, it has improved the hashrate. The improvement of hashrate comes with installations of extra miners.

As per the officer in charge of mining at Bitfarm, Ben Gagnon, the Washington deal is a killer. The latest property will cost around 25% less in terms of power compared to the Quebec farms. Therefore, it qualifies as the cheapest source of electricity in their portfolio. In turn, the low cost makes their corporate-wide mean below 4 US cents/kWh.

When you couple the power cost and Bitfarm’s tools efficiency, the 6,200 miners in Washington can harness 3.7 Bitcoin a day. Besides, the production cost will be about USD 4,000 per bitcoin upon installation of all miners.

Washington gains an extra MOU

Bitfarms bought the 24 MW in Washington. They aim to mine cryptocurrency, and low power costs drove them. The deal is worth USD 26M. The company offered USD 23M in cash. However, USD 3M went up in ordinary shares. The farm exchanged a total of 414,508 shares.

Bitfarm went for a hosting pact for 12 MW back in July this year. So far, the installation of miners has been happening there. With the current agreement, the old contract is nullified.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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