Bitcoin Miner Bitfarms Hits New High Hash Rate in Argentine Expansion

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Bitcoin miner Bitfarms has reached a new milestone after expanding its operations in Argentina, the company said in an announcement to investors.

On Thursday, the group reached a hash rate of 5 exahash per second (EH/s), meaning that 5 trillion hashes per second were made.

The all-time record was attributed to the expansion of production at its farm in Argentina, which was first launched last year.

The facility, in Rio Cuarto, immediately boosted Bitfarms hashrate to 4.1 PE/s from 3.9 when it went live in September.

This has continued to increase as the company takes advantage of low energy costs in the region.

The most recent increase came when 2,100 new miners were activated earlier this week, while some existing miners that had been underclocked were brought to full capacity.

This exciting moment reflects the hard work of our teams over the past two years, resulting in our largest, most advanced and lowest cost facility, said Geoff Morphy, CEO of Bitfarms.

He added that the company is now aiming for a hash rate of 6 EH/s by the end of the year as it takes advantage of new expansion opportunities.

Expansion projects in Argentina

The company has already purchased 6,200 new Bitmain and MicroBT miners, which mining manager Ben Gagnon said earlier this week would soon be in transit and should bring the company’s total hashrate to 5.7 PE/s a times activated.

Even more orders for new equipment are currently in the pipeline.

The site’s energy costs are currently expected to be under $0.03 per KWh, explained Bitfarms CFO Jeff Lucas, giving Bitfarms best-in-class average cost for mined Bitcoin.

Bitfarms, which is listed on both the Nasdaq and the Toronto Stock Exchange, has a total of 10 mining facilities in Canada, the United States, Paraguay and Argentina.

While the company uses hydroelectric power to mine Bitcoin at its other sites, the Argentinian site uses natural gas.

The Argentinian project was first announced in April 2021, with the initial contract expected to run for eight years.

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