Bitfarms, a Bitcoin mining firm primarily based within the Cuarto area of Argentina, has set a brand new document for its hash price of 5 EH/s. The corporate began working within the area final 12 months and has steadily elevated its hash price ever since.
Instantly after its deployment in September 2021 at a hash price of three.9 EH/s, the Cuarto mining facility elevated Bitfarms hash price to 4.1 EH/s. The corporate is making the most of low power prices within the area to proceed to extend the hash price, aiming to achieve 6 PE/s by the tip of this 12 months.
Bitfarms’ enlargement of its mining operations into Argentina has been a serious driver of its latest progress. The corporate was in a position to improve its hash price and cut back the general price of mining Bitcoin by making the most of the area’s low power prices. Vitality prices for mining services are at present lower than $0.03 per kWh.
As of March 31, 2023, Bitfarms complete computing energy was 4.8EH/s, a rise of two% YoM and 78% YoY. Moreover, Bitfarms has $29 million in money and money equivalents, 435 bitcoins in escrow, $22 million in provider credit score, and solely $21 million in complete debt.
Emiliano Grodzki, the corporate’s CEO, expressed confidence within the firm’s progress prospects, saying, “We’re dedicated to increasing our presence in Argentina and consider that our low-cost mining operations within the area will proceed to be robust. a key driver of our success”.
Bitfarms’ document hash price is a serious milestone for the bitcoin mining business, because it additional solidifies the corporate’s place as a serious participant within the house.
With a deal with low-cost mining operations and a dedication to enlargement, Bitfarms is poised to proceed rising within the years to return.
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