{"id":231075,"date":"2021-04-20T09:01:22","date_gmt":"2021-04-20T06:01:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitfarms-estimates-argentinian-facility-will-reduce-btc-mining-costs-by-45\/"},"modified":"2021-04-20T09:01:22","modified_gmt":"2021-04-20T06:01:22","slug":"bitfarms-estimates-argentinian-facility-will-reduce-btc-mining-costs-by-45","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitfarms-estimates-argentinian-facility-will-reduce-btc-mining-costs-by-45\/","title":{"rendered":"# Bitfarms estimates Argentinian facility will reduce BTC mining costs by 45%"},"content":{"rendered":"

“# Bitfarms estimates Argentinian facility will reduce BTC mining costs by 45% <\/strong>”
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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 $0.022 per kilowatt-hour, or kWh.<\/p>\n

According to an April 19 announcement<\/a>, Bitfarms has made significant progress in solidifying the terms for its Argentinian operation since first signing a non-binding memorandum to build a 60 MW power plant in October 2020.<\/p>\n

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.<\/p>\n

In early March, Bitfarms ordered 48,000 new-generation Bitcoin miners from MicroBT, with the recent announcement noting that \u201ca substantial portion\u201d of the inventory is earmarked for deployment at the new facility.<\/p>\n

Bitfarms estimates it would have been able to mine Bitcoin for just $4,125 per BTC in Argentina during Q4 2020, comprising a roughly 45% saving over its Quebec facility \u2014 which can generate BTC for roughly $7,500 each.<\/p>\n

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.<\/p>\n

Bitfarms describes the facility as offering \u201cgeographic production diversification to reduce risk and serve as an effective hedge for Bitfarms against the next halving event in 2024.\u201d<\/p>\n

Earlier this month, Bitfarms revealed<\/a> it will deploy 3,496 new miners between April and July of this year, increasing its operational hash rate to 280 pentahashes per second.<\/p>\n

The firm also noted it is adding 7.5 Bitcoin to its reserves daily, currently holding 650 Bitcoin worth $41 million and predicting its inventory will hold 1000 BTC within the coming seven weeks.<\/p>\n