• Latest
  • Trending
  • All
Bitfarms announces expansion as hashrate touches new high – Cryptopolitan

Bitfarms announces expansion as hashrate touches new high – Cryptopolitan

April 29, 2023
Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023
Will the Litecoin halving lead to a price pump? Analysts predict further gains for Collateral Network

Will the Litecoin halving lead to a price pump? Analysts predict further gains for Collateral Network

June 1, 2023
Crypto.com Secures Key Trading License in Asia

Crypto.com Secures Key Trading License in Asia

June 1, 2023
Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal

Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal

June 1, 2023
Ethereum, Not Bitcoin, Will Drive Global Crypto Adoption

Ethereum, Not Bitcoin, Will Drive Global Crypto Adoption

June 1, 2023
Connected products at the edge

Connected products at the edge

June 1, 2023
This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

This Man Is Accused Of Running A Secret Crypto Mining Operation In A High School Crawlspace » TwistedSifter

June 1, 2023
BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

BIT Mining Limited: Selling Ethereum And Holding Dogecoin (NYSE:BTCM)

June 1, 2023
Ethereum Open Interest On Deribit At A 3-Year High

Ethereum Open Interest On Deribit At A 3-Year High

June 1, 2023
Bitcoin logs monthly loss, Ether drops, U.S. equities slide

Bitcoin logs monthly loss, Ether drops, U.S. equities slide

June 1, 2023
Thursday, June 1, 2023
DLT EMPIRE
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market
No Result
View All Result
DLT EMPIRE
No Result
View All Result
Home Crypto Mining

Bitfarms announces expansion as hashrate touches new high – Cryptopolitan

by Cuevas Antonio
April 29, 2023
in Crypto Mining
0
Bitfarms announces expansion as hashrate touches new high – Cryptopolitan
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Bitfarms, a leading Bitcoin mining company, has achieved a significant milestone in its operations by hitting a new hashrate high of 5 exahash per second (EH/s), equivalent to 5 quintillion hashes per second. This new all-time high was made possible by the expansion of production at the company’s mining farm in Rio Cuarto, Argentina, which began operations last year.

The facility in Argentina immediately boosted Bitfarms’ hashrate to 4.1 EH/s from 3.9 when it went live in September 2021. Bitfarms has continued to increase its hashrate by taking advantage of low energy costs in the region. The company has now announced that it is targeting a hashrate of 6 EH/s by the end of this year, as it takes advantage of further expansion opportunities.

The growth was triggered by its Argentine branch

The expansion in Bitfarms’ mining operations in Argentina has been the primary driver of its recent growth. The company has been able to take advantage of the low energy costs in the region to increase its hashrate and lower its overall cost of mining Bitcoin. The energy costs for the site are currently below $0.03 per kWh, giving Bitfarms a “best-in-class average cost of Bitcoin mined,” according to the company’s CFO, Jeff Lucas.

The Argentina project was first announced in April 2021, with the initial contract set to last for eight years. Bitfarms has already purchased another 6,200 new Bitmain and MicroBT miners, which are expected to bring the company’s total hashrate to 5.7 EH/s once activated. Even more orders for new equipment are currently in the works.

The success of its expansion in Argentina underscores the importance of low energy costs for the mining industry. By locating its operations in regions with low energy costs, Bitfarms has been able to achieve significant growth while keeping its overall costs low. The company’s mining facilities span across Canada, the U.S., Paraguay, and Argentina. While the company uses hydroelectric power to mine Bitcoin at its other sites, the Argentina location uses natural gas.

Bitfarms highlights plans for the future

Bitfarms’ recent achievements in Argentina have allowed the company to expand its operations and pursue new growth opportunities. According to the company’s CEO, Geoff Morphy, the new hashrate high represents the culmination of the time and effort that Bitfarms has put into achieving its aims.

The firm is now targeting a hashrate of 6 EH/s by the end of this year, and the company has already purchased additional mining equipment to help it reach this goal. The chief mining officer, Ben Gagnon, has said that the new equipment will shortly be in transit and should bring the company’s total hashrate to 5.7 EH/s once activated.

The company’s focus on expansion and growth is part of a broader trend in the Bitcoin mining industry, as companies seek to take advantage of the growing demand for Bitcoin and the potential for higher profits. With its focus on low energy costs and efficient mining practices, Bitfarms is well-positioned to continue its growth and capitalize on the opportunities in the Bitcoin mining market.



Source link

Tags: AnnouncesBitfarmsCryptopolitanexpansionHashratehightouches
Share196Tweet123Share49
Cuevas Antonio

Cuevas Antonio

  • Trending
  • Comments
  • Latest
Rise of AI-Powered Cheating: Challenges and Solutions for Educators

Rise of AI-Powered Cheating: Challenges and Solutions for Educators

March 20, 2023
Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

Former FTX US President Reportedly Quit After ‘Protracted Disagreement’ With Bankman-Fried

April 10, 2023
What is Cloud Mining and How Does it Work?

What is Cloud Mining and How Does it Work?

April 10, 2023
Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

Silicon Valley Bank: Bitcoin investors in panic as market goes sideways

0
24 Crypto Terms You Should Know

24 Crypto Terms You Should Know

0
Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

Bitcoin, Ethereum, Dogecoin Rally As Team Biden Cushions SVB Blow

0
Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023

Recent News

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

Welcoming The Liquid Cooling Era: Co-Building a Collaborative Ecosystem

June 1, 2023
After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

After Launching Its Presale To Huge Success, DigiToads hope to pass Dogecoin’s MarketCap in next few years

June 1, 2023
Did The US SEC Just Endorse Ethereum After This Settlement?

Did The US SEC Just Endorse Ethereum After This Settlement?

June 1, 2023

Categories

  • Altcoin
  • Altcoin News
  • Altcoins
  • Artificial Intelligence
  • Bitcoin
  • Blockchain
  • Business
  • Crypto Mining
  • Cryptocurrencies
  • Culture
  • Dogecoin
  • Economy
  • Education
  • Ethereum
  • Featured
  • Governance
  • Litecoin
  • Market
  • News
  • Uncategorized

Converter

Cryptocurrency Prices by Coinlib

© 2023 Dlt Empire | All Rights Reserved

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Blockchain
  • Altcoin
  • Crypto Mining
  • Dogecoin
  • Litecoin
  • Market

© 2023 Dlt Empire | All Rights Reserved