Bitfarms expands to US, plans green crypto mining operation in Washington

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Canadian Bitcoin mining firm Bitfarms is planning to construct its first knowledge heart in the USA following the acquisition of a land plot in Washington State.

In a Nov. 11 announcement, Bitfarms said it aimed to determine mining operations within the U.S. able to 620 petahashes per second utilizing 6,200 Bitmain rigs totally powered by hydroelectric vitality. The agency has already bought a 24 megawatt hydro energy farm in Washington for $26 million, however plans to increase to 99 MW by creating extra farms within the space.

Bitfarms CEO Emiliano Grodzki mentioned the agency had chosen Washington for its “cost-effective electrical energy” and manufacturing charges. With the addition of the 24 MW knowledge heart, the corporate at present has a complete mining capability of 106 MW, however estimates the finished amenities will have the ability to produce 3.7 Bitcoin (BTC) every day at a price of roughly $4,000 per BTC — on the present BTC worth of $65,000, this could imply roughly $183,000 in revenue every day.

Associated: Bitfarms’ shares slump on Nasdaq debut amid crypto market pull-back

At a time when many are citing the potential environmental impact of crypto mining, Bitfarms claims its amenities in Canada are powered nearly fully by hydroelectric vitality. Cointelegraph beforehand reported that Bitfarms had doubled its monthly crypto mining productivity between January and July, mining 199 BTC and 400 BTC, respectively, probably because of the crackdown on miners in China.

In accordance with the mining agency, it at present has 10 farms in operation or below improvement in international locations together with the USA, Argentina, and Canada. On the time of publication, Bitfarms claims a mining capability of 82 MW at 1.8 exahashes per second.