Bitfarms Buys Land to Open New Mining Facility in Canada

Bitfarms, a company participant within the bitcoin mining world, has introduced a brand new acquisition of land and a facility in Canada. The bought land is positioned in Sherbrooke, Quebec, and in line with a press launch issued by the corporate, it’s going to serve to exchange one of many different services the corporate has within the nation.

Bitfarms to Replace Bitcoin Mining Facility in Canada

Bitfarms, an organization devoted to mining Bitcoin, has announced the acquisition of recent land and a constructing positioned in Canada to determine a brand new bitcoin mining facility. The facility, which has been referred to as “Garlock,” will function a alternative for phasing out the de la Pointe facility, and it’ll provide 18 MW of energy for conducting mining operations.

On the development of this new facility, Geoff Morphy, president and COO of Bitfarms, said:

When accomplished, the overall deliberate capability of our three Sherbrooke farms, which additionally embody Leger and The Bunker, will totally make the most of Hydro-Sherbrooke’s contracted energy of 96 MW.

The new facility can be positioned in a distant space, and can be geared up with “the most recent in sound discount and monitoring know-how.” This is a key ingredient for the Bitfarms relocation, as the corporate has been criticized by these dwelling adjoining to the de la Pointe mining facility, even after taking measures to dampen the sound coming from its operation.

The whole value of the funding Bitfarms is placing into this new facility is round C$2.25 million ($1,760,000) and 25,000 widespread share buy warrants, that may permit holders to buy Bitfarms shares at a sure value level.

Expansion Continues

Bitfarms has been working to maintain growing its hashrate around the globe. The firm is presently building a mega Bitcoin farm in Argentina which is able to permit the corporate to develop mining energy by 210 MW upon completion. The projection states that this facility will be capable of home 55,000 miners with a really enticing vitality value of two.2 cents per kilowatt hour, in line with statements from Emiliano Grodzki, CEO of Bitfarms.

The firm can be investing closely in securing gear to energy these new services. In February, Bitfarms announced a brand new financing settlement with Blockfi that may permit it entry to funding for as much as $32 million, which can be used to proceed buying mining gear. Specifically, 6,100 Bitmain S19j Pros, one of many latest models launched by the miner manufacturing firm, can be bought with these funds.

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