Bitcoin miner Bitfarms expands capability with $26M acquisition of Washington 24MW crypto mining facility
Bitfarms introduced that it purchased the Washington facility for $26 million paid for by a mix of money and customary shares.
Bitcoin miner Bitfarms has been aggressively increasing its crypto mining capability currently. The Canadian agency simply purchased a 24 Megawatt (MW) hydropower farm in Washington state, USA, which can be used to deal with greater than 6,000 BTC miners to spice up the corporate’s total mining energy.
Bitfarms introduced that it purchased the Washington facility for $26 million paid for by a mix of money and customary shares. “Bitfarms bought the 24 MW of infrastructure in Washington, with a devoted cryptocurrency mining operation powered by low-cost inexperienced hydropower, for whole consideration of US$26 million: US$23 million in money and US$3 million in frequent shares based mostly on a value of US$7.17, for a complete of 414,508 shares,” the company mentioned..
In the mean time, the power already homes 4,000 Bitmain S19j Professional miners. With its present fleet of miners, the power is able to producing round 400 petahash/second (PH/s) of mining energy.
Nonetheless, Bitfarms plans so as to add extra miners till the power will home roughly 6,200 Bitmain S19j Professional miners. As soon as the machines change into operational, the Washington farm can be able to producing 620 PH/s of mining energy.
“Bitfarms technique is to increase our working footprint whereas sustaining cost-effective manufacturing charges. By diversifying our decentralized mining portfolio, we prioritize areas with cost-effective electrical energy that enable for additional development and growth,” Bitfarms CEO Emiliano Grodzki defined. “The Washington farm meets all these standards. With this acquisition, we enter america and proceed our international growth to 10 farms in operation or underneath growth in 4 nations. The preliminary 24 MW acquisition will improve our whole mining capability to 106 MW and enhance our whole hashrate as further miners are put in.”
The corporate’s Chief Mining Officer Ben Gagnon mentioned that the power’s utilization of hydropower permits it to make use of vitality that’s 25 p.c cheaper than its Quebec crops. “This low-cost energy mixed with the industry-leading effectivity of the Bitmain S19j Professional means 6,200 miners in Washington might yield practically 3.7 bitcoin per day at a price of roughly US$4,000 per bitcoin when all miners are put in, based mostly upon prevailing mining problem ranges and prices. We’re very excited to proceed to finish strategic transactions that ship vital worth to our shareholders.”
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