Bitcoin Mining Giant Bitfarms Expansion To Paraguay

Bitfarm opens Bitcoin mining sites in Paraguay. (Photo; Doc. Coinfomania)

JAKARTA - Bitfarms Ltd. as one of the world's leading miningcoin companies has announced its ambitious plans recently. Bitfarms plans to expand its Bitcoin mining operations by building a new facility with a capacity of 50 megawatts (MW) in Paraguay.

The announcement was made on August 7, 2023, marking the company's major move in implementing its global growth strategy. The news is that this mining facility will be located in the Paso Pe area, adjacent to the existing Bitfarms mining operation in VillarRICa.

The project is expected to fully operate in the first quarter of 2024, hoping to make a significant contribution to the company's mining activities.

Bitfarms' decision to choose Paraguay as the location of the expansion was not without reason. Previously, the company had succeeded in securing a 150 MW hydroelectric power plant contract in the country. Bitfarms CEO Geoff Morphy explained that the low development costs and fast construction schedule made Paraguay the right choice for the expansion of their operations.

Morphy explained, "Achieving high operating efficiency while minimizing capital spending is a comprehensive goal in our global growth strategy towards halling next year."

This new facility will include a variety of important components. Consisting of 50 MW substations, 30 MW air-cooled warehouses, and 20 MW water-cooled mining containers from Microbt. Bitfarms will install 1,920 M53S+ Microbt miners inside the container. The miner is designed specifically for submerging cooling and is expected to contribute to higher operating efficiency.

The move also shows Bitfarms' efforts in pioneering water-cooled mining, a technology that is considered to have cheaper potential than traditional cooling methods. In this case, Bitfarms has also collaborated with vendors to purchase miners and infrastructure with credit, which will significantly reduce the company's cash expenditure.

Bitfarms Chief Mining Officer Ben Gagnon stressed that M53S+ Microbt miners will be one of the most efficient miners in the Bitfarms fleet. With a capacity of 675 PH/s and 28.5 W/TH efficiency, the company believes that this move will help increase their profitability in facing increasingly competitive Bitcoin mining challenges.

Bitfarms also sees expansion in Paraguay as part of their strategy of seeking low-cost resources to support a vision towards half of Bitcoin by 2024. With ambitious measures like this, Bitfarms has demonstrated its commitment to stay at the forefront of the dynamic Bitcoin mining industry.