The bitcoin miner acquired its first property on American soil in a bid to reduce operating costs and increase margins.
- Bitfarms has acquired its first U.S. property, a 24 MW farm that kickstarts its presence in the American bitcoin mining market.
- “We prioritize locations with cost-effective electricity that allow for further growth and expansion,” its CEO said.
- In October, the miner started constructing a 210 MW farm in Argentina and two facilities in Canada.
Canada-based bitcoin mining company Bitfarms has entered the American market by acquiring a 24-megawatt (MW) facility in the state of Washington. The company plans to house over 6,000 Bitmain S19j Pro rigs in its new farm, which will be fed hydroelectric power to generate 620 petahashes per second (PH/s) of hashrate capacity.
“We prioritize locations with cost-effective electricity that allow for further growth and expansion,” said Emiliano Grodzki, CEO of Bitfarms, in a statement sent to Bitcoin Magazine. “The Washington farm meets all these criteria. With this acquisition, we enter the United States and continue our global expansion to 10 farms in operation or under development in four countries.”
In early October, the miner signed engineering, procurement, and construction contracts to build a 210 MW operation in Argentina, which was expected to accommodate over 55,000 miners upon completion. Later that month, Bitfarms announced it had started the construction of two new mining farms in its home country, which together could house 21,000 rigs.
The firm seeks to capitalize on cheap hydropower in Washington, U.S., to lower its average electricity cost and increase its profit margins, as the water-induced energy in the American state is expected to cost around 25% less than what its Canadian farms pay for power up North.
“This low-cost power combined with the industry leading efficiency of the Bitmain S19j Pro means 6,200 miners in Washington could yield nearly 3.7 bitcoin per day at a cost of approximately US$4,000 per bitcoin when all miners are installed, based upon prevailing mining difficulty levels and costs,” the company’s chief mining officer Ben Gagnon said in the same statement.
Bitfarms listed on the Nasdaq in June after having joined the Foundry USA Pool in April. The firm maintained its listing on the Toronto Stock Exchange, however, and capitalized on the Chinese ban of bitcoin mining over the Summer.