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Canada-based Bitcoin miner Bitfarms to put up Argentina’s largest BTC mining facility

With its 210 megawatts power capacity, the Bitcoin mining facility will become the largest crypto mining farm in Argentina once it goes online.

Photo by Benjamin Nelan of Pixabay

Wed, 10 Nov 2021, 09:12 am UTC

Bitfarms has started the construction of what is dubbed as Argentina’s largest BTC mining facility. The Canada-based Bitcoin mining company has partnered with a local private power company to supply electricity for the crypto farm’s operations.

Bitfarms has invested $250 million for the Bitcoin mining farm, according to local publication Infobae.com. The facility is located in the city of Rio Cuarto in the province of Cordoba.

Construction of the BTC mining farm has already started last month. The company expects the facility to start its operations by 2022.

With its 210 megawatts power capacity, the Bitcoin mining facility will become the largest crypto mining farm in Argentina once it goes online. It is expected to produce a mining capacity of 1.4 exahash per second.

The facility will not be linked to Argentina’s national power grid so its operations won’t a strain on the country’s energy infrastructure. Instead, Bitfarms entered into a contract with two private power firms to supply its operation’s energy requirement.

In fact, the facility is located inside a complex that already houses a power plant belonging to the Albanesi group, according to Bitcoin.com. Under the arrangement, Bitfarm’s Argentina Bitcoin mining facility will be mine BTCs at substantially reduced costs per coin thanks to the low power rate of 2.2 cents per kilowatt-hour.

Bitfarms general manager for Latin America Damián Polla gave further details about the company’s project. “This is a project for the construction and administration of a data center of up to 210 megawatts,” Polla told Infobae. “The investment requires the construction of an electrical substation within the existing property of the Maranzana thermal power plant.”

“We will generate approximately 500 jobs during construction and another 100 during the operation of the data center,” he added. “This is a contract for the sale of energy between private parties, which does not involve any type of subsidies, taking into account that the demand is not connected to the grid.”

Bitfarms currently operates five crypto mining facilities in Quebec Canada with a total power capacity of 69 megawatts. The firm also plans to construct another five plants with a total power capacity of 100 megawatts.

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