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 keeping with a press launch issued by the corporate, it should serve to exchange one of many different amenities the corporate has within the nation.
Bitfarms to Exchange Bitcoin Mining Facility in Canada
Bitfarms, an organization devoted to mining Bitcoin, has introduced the acquisition of recent land and a constructing positioned in Canada to determine a brand new bitcoin mining facility. The power, which has been referred to as “Garlock,” will function a substitute 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 entire deliberate capability of our three Sherbrooke farms, which additionally embody Leger and The Bunker, will absolutely make the most of Hydro-Sherbrooke’s contracted energy of 96 MW.
The brand new facility shall be positioned in a distant space, and shall be geared up with “the newest in sound discount and monitoring know-how.” This can be a key factor 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 overall worth of the funding Bitfarms is placing into this new facility is round C$2.25 million ($1,760,000) and 25,000 frequent share buy warrants, that can permit holders to buy Bitfarms shares at a sure worth level.
Growth Continues
Bitfarms has been working to maintain growing its hashrate world wide. The corporate is at present constructing 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 to home 55,000 miners with a really enticing power worth of two.2 cents per kilowatt hour, in keeping with statements from Emiliano Grodzki, CEO of Bitfarms.
The corporate can be investing closely in securing tools to energy these new amenities. In February, Bitfarms introduced a brand new financing settlement with Blockfi that can permit it entry to funding for as much as $32 million, which shall be used to proceed buying mining tools. Particularly, 6,100 Bitmain S19j Professionals, one of many latest items launched by the miner manufacturing firm, shall be bought with these funds.
