Bitfarms, a mining company based in Canada, has announced that it has secured the necessary electricity permits to expand its production capacity to 100 MW at its Rio Cuarto facility in Argentina.
The company is planning to increase the farm’s active capacity by 100% by April 28, with the addition of 2,100 new devices purchased between March and April, which will result in an increase in hashrate to 5 exahashes per second.
Bitfarms CEO Geoff Morphy stated that the company was able to obtain the permit, which will allow them to receive electricity at a cost below $0.03 per kWh.
However, he also mentioned that the value of Bitcoin mined from this farm may slightly decrease as the company actively expands operations.
Bitfarms launched its new bitcoin mining farm in Rio Cuarto, Argentina in 2022, with an initial power capacity of 10 MW.
The facility is equipped with the latest water-cooled Antminer S19 Pro Hydro models.
In the first quarter of 2022, Bitfarms reported a decline in net profit to $5 million. In response, the company’s management team planned to cut business development plans.