Bitfarms Hits All-Time High in Hashrate Amid Expansion into Argentina

Bitfarms, a Bitcoin mining company, has announced to its investors that it has reached a new milestone in its operations in Argentina.

The company achieved a hashrate of 5 exahash per second (EH/s), or 5 quintillion hashes per second, due to the expansion of production at its farm in Rio Cuarto, Argentina.

Bitfarms’ hashrate increased to 4.1 EH/s from 3.9 EH/s when the facility was first launched in September 2021. The latest increase in hashrate was attributed to the activation of 2,100 new miners and bringing existing miners to full capacity.

The company is now targeting a hashrate of 6 EH/s by the end of the year, as it takes advantage of further expansion opportunities. Bitfarms has purchased 6,200 new miners, which are expected to bring its total hashrate to 5.7 EH/s once activated, and more orders for new equipment are in progress.

With energy costs of less than $0.03 per kWh, Bitfarms has a “best-in-class average cost of Bitcoin mined”. The company, which is listed on the Nasdaq and the Toronto Stock Exchange, has ten mining facilities in Canada, the U.S., Paraguay, and Argentina, using hydroelectric power to mine Bitcoin at its other sites and natural gas in Argentina.

The Argentina project, announced in April 2021, has an initial contract of eight years.

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