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Reducing Bitcoin Mining Costs To Over 40% – Bitfarms.

Leading Canadian Bitcoin mining firm Bitfarms has updated its plans for expansion in South America, outlined that it’s secured an 8-year contract to draw up to 210 MW, of electricity for $0.022 USD per kWh.

In line with an official update on 19th April 19, Bitfarms has made significant progress in solidifying the terms for its Argentinian operation since primary signing a non-binding memorandum to create a 60 MW power station earlier in October last year.

Additionally, to expanding securing a 250% hike in power capacity and agreeing to a 10x hike in electricity pricing, Bitfarms revealed that it’s in advanced discussions with an area construction firm and engineering provider to start building a mining facility in close proximity to its partner power station, and is currently getting to have begun mining Bitcoin at the power in early 2022.

Also in earlier March, Bitfarms ordered 48k new-generation Bitcoin miners from MicroBT, with the recent update revealing that “a substantial portion” of the inventory is earmarked for deployment at the new facility.

Bitfarms estimates it might be able to mine Bitcoin [BTC] for just $4,125 USD per BTC in Argentina within Q4 last year, comprising a roughly 45% saving over its Quebec facility – which may generate BTC for roughly $7,500 each.

The reduced production costs will permit Bitfarms to hike the economic lifetime of several older mining units, outlining that a big portion of its older mining hardware is going to be relocated to Argentina once the new facility is operational.

Bitfarms describes the power as offering “geographic production diversification to scale back risk and function an efficient hedge for Bitfarms against the subsequent halving event in 2024.”

Earlier this month, Bitfarms revealed that it’ll deploy 3,496 new miners between April and July of this year, increasing its operational hash rate to 280 pentahashes per second.

The firm also added that it’s adding 7.5 Bitcoin to its reserves daily, presently holding 650 Bitcoin worth $41 Mln and predicting its inventory will hold 1000 BTC within the approaching 7-weeks.

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