Bitfarms Ready To Build 100 MW Bitcoin Mining Facility In This City

Bitfarms bitcoin mining company is preparing to open new facilities. (Photo; Doc. Bitcoin Insider)

JAKARTA The world's largest bitcoin mining company, Bitfarms, officially announced that it had succeeded in purchasing 60 hectares of land in Yguazu, Paraguay. It is planned that this land will be used to establish Bitcoin mining facilities with a capacity of 100 megawatts (MW).

This project is part of a Bitfarms expansion plan that targets to increase its hashrate capacity to 21 exahash per second (EH/s) by the end of this year.

For additional information, Bitfarms is a bitcoin mining company listed on the US stock exchange. Bitfarms operates in various countries including Canada, Argentina, and Brazil. The company has more than 65,000 miners who generate hashrates of around 6.5 EH/s. In November 2023, Bitfarms managed to generate 392 bitcoins, with an average production cost of $6,500 (Rp102.3 million) per bitcoin.

On this new land, Bitfarms plans to build a new bitcoin mining facility that will use renewable energy from the Itipmen Dam, the world's third-largest hydro dam with an installed capacity of 14 gigawatts. This facility is expected to be operational in the second half of 2024, and will support a Bitfarms fleet-enhancing strategy involving purchasing 100,000 T21 miners from Bitmain.

"The land we have just acquired is located in the Paraguay center near the Itipmen Dam, the third largest hydropower dam in the world with an installed capacity of 14 gigawatts," said Geoff Morphy, president and CEO of Bitfarms on Wednesday. "This location is strategic to utilize abundant renewable energy resources in this region, so this new facility will be sustainable economically and environmentally."

"After Yguazu operates, more than 85% of our portfolio will be powered by low-cost green energy that supports environmentally sustainable bitcoin mining," he added.

Bitfarms targets to reach a hashrate capacity of 21 EH/s by the end of 2024, which will significantly increase the company's bitcoin production. With low production costs and high energy efficiency, Bitfarms hopes to increase its revenue and net profit, as well as reduce the environmental impact of mining activities.