Bitfarms’ megafarm Bitcoin facility located in Argentina is now on-line and already contributing to the general hashrate of the Bitcoin community.
This after the farm, which began its development on October 2021, was lastly unveiled and began working final September 16. At present, the ability, in its first section, is producing 10 megawatts (MW) of mining energy.
The Nasdaq-listed Bitcoin mining firm stated they may steadily scale up the ability’s operation till it reaches full capability subsequent yr when it’s estimated to contribute round 50 megawatts (MW) and obtain the corporate’s mining objectives in 2023.
Most Trendy And Largest Mining Operation
Whereas the Argentina-based megafarm is simply restricted to 10 MW of mining energy, it’s already sufficient to host mining tools which Bitfarms expects to extend in quantity when the ability’s supplied energy develop 5 occasions than its present capability.
Upon reaching the 50 MW energy manufacturing, it’s going to contribute a whopping 2.5 exahash per second (EH/s) to the present mining energy that’s being given by the worldwide firm to the Bitcoin community.
Initially, the ability was speculated to be accomplished this September. Due to a number of delays, the timeline for completion was adjusted till the center a part of 2023. Bitfarms, nonetheless, isn’t shedding sleep over such setback, contemplating that this might be its largest and most fashionable mining operation.
The truth is, in earlier talks concerning the mega farm, the corporate stated it’s going to have Antminer S19 Professional Hydro miners. These models are outfitted with water cooling supposed for higher effectivity and efficiency.
Challenges And Rocky Begin
Whereas the Bitcoin mining facility is predicted to be accomplished subsequent yr, its starting was not with out drama and challenges.
For starters, with Argentina struggling an vitality disaster final yr, the venture was met with damaging feedback. Argentine regulators turned cautious of the development of the megafarm and began to query its very nature in addition to the vitality that might be used for its operation.
Talking of vitality, Bitfarms was in a position to land itself a candy deal, having the ability to negotiate for a personal settlement with a supplier that promised a really aggressive charge of simply $0.02.2 per kilowatt hour.
Nevertheless, regardless of this large benefit that they acquired, the worldwide mining firm stays apprehensive concerning the current drop in Bitcoin costs. As of this writing, the main cryptocurrency is buying and selling at $18,475, shedding 15% of its worth within the final seven days, based on knowledge from CoinGecko.
BTC whole market cap at $352 billion on the every day chart | Supply: TradingView.com Featured picture from Infobae, Chart: TradingView.com