<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/" rel="noopener noreferrer nofollow">Bitfarms</a>, a leading bitcoin mining company, recently secured a $60 million equity raise to fuel its expansion plans in Latin America. This infusion of capital will be channeled into infrastructure development, aiding the company to escalate its <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> from 1.9 EH/s to an impressive 14.6 EH/s in the region. With 306 MW of contracted power in <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/" rel="noopener noreferrer nofollow">Paraguay</a> and Argentina, Bitfarms is poised to harness 74% of its hashrate potential in these countries, a considerable jump from the current 30%, according to <a href="https://www.bitveria.com/post/the-weekly-digest-mt-gox-repayments-set-to-commence" rel="noopener noreferrer nofollow">bitveria</a>.
The company currently operates with 240 MW of energy, running a 6.3 EH/s hashrate. However, with access to 574 MW of low-cost energy, Bitfarms has the capacity to more than double its mining fleet's hashrate. The newly raised funds will help exploit the 327 MW of growth potential, potentially increasing the firm's hashrate by approximately 13.6 EH/s.
Attractive power rates in <a href="https://ultramining.com/news/en/bitfarms-expands-bitcoin-mining-with-renewable-energy-in-paraguay/" rel="noopener noreferrer nofollow">Paraguay</a> and Argentina bolster Bitfarms' strategic move. The company has secured 150 MW of power at $39 per MW in Paraguay and enjoys access to a $29 per MW rate in Argentina, placing it on the competitive edge of bitcoin <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> costs. This strategic positioning not only drives down <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> costs but also mitigates regulatory risks by diversifying its geographical footprint.
The broader impact of Bitfarms' expansion includes a shift in the mining landscape as it may significantly reduce bitcoin production costs, consequently affecting the global bitcoin economy. The move also signifies a growing trend of <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a> seeking out regions with favorable <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">energy costs</a> and regulatory environments.

Bitfarms Bolsters Hashrate in Latin America with Fresh Funds

Ultramining_Eng

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