Bitfarms farm in Argentina to mine bitcoins with surplus energy from private plant

Bitfarms’ Bitcoin mining farm in Argentina already has a confirmed location: it will be in the town of Córdoba, at the Modesto Maranzana Thermoelectric Power Plant, owned by the Albanesi group.

The installation of the Albanesi group will also sell the necessary energy for the Bitcoin mining operation that Bitfarms will have in the South American country, as quoted by the Argentine media La Nación.

It had previously been announced that Bitfarms, based in Canada, would begin to have operations in Argentina, after having installed a more modest farm on Paraguayan soil, as reported last September.

For its part, the Paraguayan media El Economista collects some statements from Damián Polla, general manager of Bitfarms for Latin America. According to the executive, the alliance between Bitfarms and the Albanesi group It will not affect the Argentine electricity supply and it does not include any type of subsidy for the energy that its miners will use, as it is “a contract for the sale of energy between private parties.”

“The (energy) demand is not connected to the grid, and it uses idle capacity. This is done within a framework in agreement with all the competent authorities ”, explained Polla in this regard.

In total, the Canadian company would invest about 250 million dollars in the installation of this farm, according to the same media. This ups Bitfarms’ bet to grow in the Bitcoin mining business, for which it recently doubled its operating capacity with the acquisition of another 21,000 equipment, as CriptoNoticias reviewed at the end of October.

See also  Coinbase to Hire 2,000 Employees This Year on Web3 Projects

Bitfarms has gone all out to take advantage of the benefits of Bitcoin mining and, in particular, has benefited from the Chinese government’s campaign against miners. An industry that was previously located mainly in the Asian giant has been migrating in recent months.

In fact, the CEO of the company celebrated last July how Bitfarms had been gaining ground in the mining industry thanks to attacks by the Chinese government. According to the latest reports, Bitfarms currently has around 1.6 EH / s of the more than 150 EH / s of mining power that the Bitcoin network concentrates. However, with their expansion plans they are expected to double that capacity by next year.

Leave a Comment

Your email address will not be published.