Bitfarms expands to US, plans green crypto mining operation in Washington

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Canadian Bitcoin mining firm Bitfarms is planning to construct its first knowledge middle in america following the acquisition of a land plot in Washington State.

In a Nov. 11 announcement, Bitfarms said it aimed to ascertain mining operations within the U.S. able to 620 petahashes per second utilizing 6,200 Bitmain rigs totally powered by hydroelectric vitality. The agency has already bought a 24 megawatt hydro energy farm in Washington for $26 million, however plans to increase to 99 MW by growing extra farms within the space.

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Bitfarms CEO Emiliano Grodzki stated the agency had chosen Washington for its “cost-effective electrical energy” and manufacturing charges. With the addition of the 24 MW knowledge middle, the corporate at the moment has a complete mining capability of 106 MW, however estimates the finished services will be capable to produce 3.7 Bitcoin (BTC) each day at a price of roughly $4,000 per BTC — on the present BTC value of $65,000, this could imply roughly $183,000 in revenue each day.

Associated: Bitfarms’ shares slump on Nasdaq debut amid crypto market pull-back

At a time when many are citing the potential environmental impact of crypto mining, Bitfarms claims its services in Canada are powered nearly completely by hydroelectric vitality. Cointelegraph beforehand reported that Bitfarms had doubled its monthly crypto mining productivity between January and July, mining 199 BTC and 400 BTC, respectively, probably on account of the crackdown on miners in China.

In keeping with the mining agency, it at the moment has 10 farms in operation or below growth in international locations together with america, Argentina, and Canada. On the time of publication, Bitfarms claims a mining capability of 82 MW at 1.8 exahashes per second.