{"id":7362,"date":"2022-09-24T07:16:47","date_gmt":"2022-09-24T07:16:47","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=7362"},"modified":"2022-09-24T07:16:48","modified_gmt":"2022-09-24T07:16:48","slug":"bitfarms-starts-bitcoin-megafarm-operations-in-argentina","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7362","title":{"rendered":"Bitfarms Starts Bitcoin Megafarm Operations in Argentina"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Bitfarms, a global Bitcoin mining company, has started operations in its mining megafarm located in Argentina. The farm, launched on September 16, is currently generating 10 megawatts (MW) of mining power during the first phase and will scale operations to be fully operational next year. Bitfarms estimates it will contribute 50 MW to fulfill the company\u2019s mining goals in 2023.<\/strong><\/p>\n<p>&#13;<\/p>\n<h2>Bitfarms Launches Mining Operations in Argentine Megafarm<\/h2>\n<p>&#13;<\/p>\n<p>Bitfarms, a Nasdaq-listed bitcoin mining company, has begun mining operations at it\u2019s megafarm located in Argentina. The construction of the facility, which started on October 2021, has now reached a milestone, allowing it to start operating, and contributing hashrate to the Bitcoin network.<\/p>\n<p>&#13;<\/p>\n<p>In this first phase, the facility is able to produce 10 MW of energy to host mining equipment. The company expects these facilities to host a multitude of miners in the future, growing its provided power fivefold. In the future, 50 MW will contribute 2.5 exahash per second (EH\/s) to the current mining power provided by the company. The farm\u2019s construction was estimated to be completed by last September, but due to several delays, it is now expected to be fully operational by mid-2023.<\/p>\n<p>&#13;<\/p>\n<p>However, according to the company, this will be its most modern and it\u2019s largest mining operation when completed. Bitfarms had previously informed that it will host Antminer S19 Pro Hydro miners in this facility, units that feature water cooling for better efficiency.<\/p>\n<p>&#13;<br \/>\n&#13;<\/p>\n<h2>Background and Project Story<\/h2>\n<p>&#13;<\/p>\n<p>This event marks the beginning of the completion of this project, which was criticized at some point due to the energy crisis that Argentina suffered last year. In fact, the construction of this megafarm caused concerns amongst Argentine regulators, with come making inquiries about the nature of the project and the nature of the energy that would be used.<\/p>\n<p>&#13;<\/p>\n<p>Bitfarms negotiated a private agreement with a provider capable of delivering prices of $0.02.2 per kilowatt hour (kWh), a very competitive fee. However, even with this advantage, Bitfarms has expressed its worries about the sudden decline of bitcoin prices in international markets. In June, Damian Polla, Bitfarm\u2019s Latam General Manager stated this factor was the biggest challenge that the mining industry was facing in the short term.<\/p>\n<p>&#13;<\/p>\n<p>Even so, the company is still forwarding investments to modernize and expand its existing mining infrastructure. In July, the company announced the completion of the second phase of the expansion in \u201cThe Bunker,\u201d another mining facility the company operates, adding 18 MW to the power of the operation and to increase the firm\u2019s hashrate by 200 petahash per second (PH\/s).<\/p>\n<p>&#13;<\/p>\n<p><em><strong>What do you think about Bitfarm\u2019s bitcoin megafarm launch in Argentina? Tell us in the comments section below.<\/strong><\/em><\/p>\n<p>&#13;<\/p>\n<p>Sergio Goschenko <\/p>\n<p class=\"article__body__author__info__about\">\nSergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.<\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/bitfarms-starts-bitcoin-megafarm-operations-in-argentina\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitfarms, a global Bitcoin mining company, has started operations in its mining megafarm located in Argentina. The farm, launched on September 16, is currently generating 10 megawatts (MW) of mining power during the first phase and will scale operations to be fully operational next year. Bitfarms estimates it will contribute 50 MW to fulfill the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7363,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-7362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7362"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7362\/revisions"}],"predecessor-version":[{"id":7364,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7362\/revisions\/7364"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7363"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}