Bitfarms Is Bringing Hydroelectric Bitcoin Mining to Argentina

Bitcoin mining operation Bitfarms is setting up shop in Argentina.
The Canadian company chose the Latin American country in part due to a favorable climate.
Bitfarms hopes to generate mining revenues of over $650 million.
Bitfarms, one of the largest Bitcoin mining operations in the world, is set to launch a new mining data centre in Argentina. It will be its biggest operation yet.

The publicly-traded company, which is based in Québec, said in a Monday statement that the project would draw up to 210 megawatts of electricity.

Bitfarms added that it signed a non-binding memorandum in October to secure electricity at approximately $0.02 per kWh with the plan to develop the 60 MW Bitcoin farm. The idea is that—with Bitcoin’s currency price of around $55,000—this would generate revenues of around $650 million, or 11,774 Bitcoins.

“With a favorable year-round climate, the facility in Argentina does not require expensive liquid immersion cooling to keep the miners cool and operating optimally,” the company said. “The miners will be cooled with fans, similar to how they are cooled in our facilities in Québec.”
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