Bitfarms recently formalized a deal that will see the construction of a high-production Farm. Based in Argentina, the facility will house close to sixty thousand miners once it is complete.
The team says this EPC (Engineering, Procurement and Construction) agreement is a significant step for the company as it will allow capacity expansion across the world.
According to Emilliano Grodzki, the company’s Chief Executive Officer, their original price for mining BTC will attract more as this new development ensures an even lower production cost (22 cents per kWh).
In April, Bitfarms made the first announcement on the new idea adding that by the end of next year, they expect to accumulate a total of 210 MW of capacity in terms of infrastructure.
Proyectos y Obras Americanas S.A. (PROA) is an Argentinian Engineering firm. The company has been providing EPC services while specializing in civil construction & voltaic infrastructure for more than sixty years.
Additionally, Proyectos y Obras Americanas S.A. (PROA) initiated the designing and establishment processes of electrical lines & even transformers with high voltage required for the operation of the new company.
Other than PROA, Bitfarms partnered with Dreicoin S.A. to oversee the construction and successful completion of the farm.
About the new Argentina Facility
The Argentinian company will function under four houses with a warehouse structure. The reduction in demand led the involved groups signing an eight-year treaty for powering the new facility’s development.
So far, the majority of the designing process is complete and the team has started to prepare the site.
Some of the 60,000 total miners expected to join are from the forty eight thousand MicroBT miners Bitfarms purchased earlier this year.
What is Bitfarms
Bitfarms is a blockchain infrastructure company operating one of the biggest Crypto mining operations in the Northern US. The company gives computing power to blockchain networks such as BTC, Ethereum BTC-cash and even dash.
This new farm will be the Company’s 6th and supposedly largest farm project. In relation to this, the rest of the five plans the company runs are located in Quebec, Canada.
Importantly, these five plans are run with hydro power that is friendly to the environment and works under the security of long-lasting power solutions.
Bitfarms launched in 2017 and started working on TSX-V (Toronto Stock Exchange Venture) in 2019 (July). TSX is a stock exchange company based in Canada. TSX trades are automatically done hence no ‘trading floor’. Currently, Bitfarms’ Market Capitalization is close to 1.048 Billion.
In addition to this, in June this year, the company also began its transactions on the Nasdaq Stock Market. Nasdaq is a stock exchange company based in New York. On the ranking chart, the Nasadaq company is the second on the list of the largest stock exchanges by market capitalization.
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