Bitfarms acquired 150 MW of hydropower contracts in Paraguay in July 2023.

Bitfarms Ltd. (NASDAQ: BITF), a global Bitcoin mining company, has begun the first development phase for its 150 MW hydropower contracts in Paraguay. The company is building a 50 MW mining farm in Paso Pe, Paraguay, near its Villarrica facility. The new farm, set to be commissioned in Q1 2024, includes a 30 MW air-cooled warehouse and 20 MW of hydro-cooled miners in containers, obtained with vendor credits to reduce cash outlay.

This deployment introduces hydro-cooled mining technology, potentially more cost-effective than immersion technology. The chosen MicroBT M53S+ hydro-cooled miners are anticipated to be high-performing additions to Bitfarms’ fleet.

According to Geoff Morphy, CEO of Bitfarms, the company is preparing itself for next year’s bitcoin halving event by embarking on a high growth path. Simultaneously, it intends to achieve this goal by minimizing capital expenditure while maintaining high operating efficiencies. In this context, Paraguay as a location offered fast project completion at low construction costs.

The company currently operates 11 farms, with 2 more in development across Canada, the United States, Paraguay, and Argentina. Their focus is on utilizing sustainable energy sources, such as hydro power, and maintaining operational excellence.

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