United

Bitcoin

April

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a>, a global Bitcoin mining company, has announced a significant reduction in its power costs at its Rio Cuarto facility in Argentina. The company secured a prepaid contract for power at a fixed rate of 2.1 cents per kWh plus VAT, according to <a href="https://www.globenewswire.com/news-release/2023/11/15/2780886/0/en/Bitfarms-Locks-in-Power-Cost-at-2-1-cents-per-kWh-Fixed-Rate-at-Rio-Cuarto.html" rel="noopener noreferrer nofollow">globenewswire</a>.
This six-month agreement, spanning from November 2023 to April 2024, leverages Argentina's seasonally lower natural gas prices. The deal marks a notable decrease from previous costs, with the Q3 2023 rate at slightly over 3.2 cents per kWh and the October 2023 rate at 2.2 cents per kWh. Bitfarms' President and CEO, Geoff Morphy, highlighted the impact of this agreement, stating it will significantly lower their blended cost of power.
Founded in 2017, Bitfarms operates 11 farms across <a href="https://ultramining.com/news/en/alberta-stanovitsya-centrom-majninga-v-kanade-2/" rel="noopener noreferrer nofollow">Canada</a>, the <a href="https://ultramining.com/news/en/pennsylvania-a-new-hub-for-cryptomining-ignites-environmental-concerns/" rel="noopener noreferrer nofollow">United States</a>, <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/" rel="noopener noreferrer nofollow">Paraguay</a>, and Argentina. The company focuses on sustainable mining, using predominantly hydro-electric and long-term power contracts. Argentina currently contributes 23% to Bitfarms' global <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a>. This reduced power cost at Rio Cuarto is expected to bring down the average cost of power at their Argentine operations to around 2.5 cents per kWh plus taxes in its first year, influencing the company's overall corporate average cost of power for the full year.
Bitfarms' approach to mining involves vertical integration, with in-house management and proprietary data analytics systems for operational efficiency. Their commitment to using environmentally friendly and locally based energy sources aligns with a growing trend in the cryptocurrency <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a> towards sustainability.

Bitfarms Slashes Power Costs in Argentina, Secures Fixed Rate at Rio Cuarto

Ultramining_Eng

Other articles published on Nov 16, 2023

Daily Analysis: BTC, ETH, AVAX, SOL, RUNE

Early Access 0.19 patch notes

Breaking: DeFi Lender Aave Rebrands to Avara

Bitcoin Price Rallies 5% and Seems Primed To Clear the $38K Hurdle

Dubai’s chief crypto regulator exits as VARA prepares to fine major companies

Ethereum Flashes Sell Signal on This Chart; Analyst Pinpoints Resistance That Could Cause ETH Pri...

Join our free newsletter for daily crypto updates!