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Canadian Bitcoin mining firm Bitfarms has updated its plans for expansion in South America, revealing it has secured an eight-year contract to draw up to 210 megawatts, or MW, of electricity for $0.
In addition to expanding securing a 250% increase in power capacity and agreeing to a 10% increase in electricity pricing, Bitfarms revealed it is in advanced discussions with a local construction firm and engineering provider to begin building a mining facility in close proximity to its partner power plant, and is currently aiming to have begun mining Bitcoin at the facility in early 2022.
In early March, Bitfarms ordered 48,000 new-generation Bitcoin miners from MicroBT, with the recent announcement noting that “a substantial portion” of the inventory is earmarked for deployment at the new facility.
The reduced production costs will also allow Bitfarms to extend the economic life of many older mining units, noting that a significant portion of its older mining hardware will be relocated to Argentina once the new facility is operational.