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Bitfarm mining facility raise concern in Argentine

Cryptopolitan


TL;DR Breakdown

  • Bitfarm mining farm in Argentina breeds concern among government.
  • Lawmaker wants more information on the facility.
  • Bitfarm interested in expanding to Argentina because of cheap electricity.

Blockchain infrastructure company, Bitfarm mining has raised an eyebrow in Argentina with its mega-mining farm project.

Martín Berhongaray, a national deputy who appears worried and concerned over the Bitfarm mining project, has called for a resolution that would force the government to disclose information about the installation of the facility.

He wants a representative from the Ministries of Science, Technology, and Innovation and another from the Environment and Sustainable Development ministry to speak on the impact of the Bitfarm mining facility currently being constructed in the country.

The law proposal requires disclosure related to competent areas in energy, environmental, and economic matters registered the agreement announced by the Canadian company Bitfarm to source electricity through a Wholesale Electricity Market Agent (MEM) for 8 years.

The facility would reportedly host 55,000 mining machines, with Bitfarms establishing a contract with a private power company to receive 210 megawatts (MW) of infrastructure capacity at a rate of 2.2 cents per kilowatt-hour.

Why Berhongaray is worried about Bitfarm mining facility in Argentina

From the national deputy’s proposal, it appears he is particularly worried about power and the sustainability of this deal into the future as his proposal calls for more information about the energy facility that will provide the power.

Also, although it has been established that PROA is the construction firm undergoing the project, the power company and the location of the facility are still a mystery to the public.

Bitfarms domiciled in Canada is seeking expansion to Argentina for obvious reasons, one of which is affordable energy opportunities in certain parts of the country, and this is bringing more and more companies to eye the area as a possible expansion destination.

Bitfarms president Geoffrey Morphy confirmed this, noting that it will help them improve on their short-term margin performance and ensure a viable operation.



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