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Bitfarms plans green crypto mining operation in Washington

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Canadian mining company Bitfarms announced the acquisition of a 24 megawatts (MW) data center in Washington State for $26 million.

Bitfarms has signed an agreement of intent to expand capacity to 99 MW. Thus, electricity at the facility is generated from renewable sources. Consequently, this reduced its cost by 25% compared to the site in Quebec, Canada. The average value for all mining centers of the company dropped below 4 cents per kilowatt.

Earlier in July, the company placed 4,000 S19j Pro devices from Bitmain with a hashrate of 400 PH/s. Moreover, a capacity of 12 MW in one of the data centers in Washington.

Expanding operational activities

Bitfarms company plans to install 6200 similar miners with a computing capacity of 620 PH/s. In addition, the estimated parameters of the device fleet are 3.7 BTC per day with a cost of $4,000 per Bitcoin (BTC) mining.

Emiliano Grodzki, CEO & Founder of the company said that Bitfarms’s strategy is to expand operational activities without compromising business efficiency. For the placement of equipment, they choose places with an economical cost of electricity. “The Washington farm meets all these criteria,” he added.

Because of the deal, the number of functioning or running Bitmain farms has increased to ten, in countries, including the United States, Argentina, and Canada.

Data center in Argentina

Previously in October, Bitfarms began construction of a data center for 55,000 miners in Argentina with a capacity of 210 MW.

Bitfarms has signed a turnkey construction contract with Proyectos y Obras Americanas. Also, Dreicon S.A. carries out independent supervision and quality control. 48,000 MicroBT miners, which the company purchased in early 2021, will be deployed at the facility.

In the third quarter, the firm produced 1,050 BTC, which is 38% more than in the same period last year. At the end of September, there were 2,312 BTC in its reserves.

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