Bitfarms is a Canadian company that plays in bitcoin mining. According to Bitfarms, the land was purchased in Sherbrooke in Quebec. It will replace the existing facility in Canada.
Canada: Bitfarms will replace Bitcoin Mining Facility
Bitfarms, an organization that mines Bitcoins, announced it had acquired new land in Canada and the building. The facility, which has been called “Garlock,” will serve as a replacement for phasing out the de la Pointe facility, and it will supply 18 MW of power for conducting mining operations.
Geoff Morphy (president and COO at Bitfarms) stated that the new facility was built.
The three-storey building will have a total capacity of 3.5 million when it is completed. Sherbrooke farms, which also include Leger and The Bunker, will fully utilize Hydro-Sherbrooke’s contracted power of 96 MW.
The new facility will be located in a remote area, and will be equipped with “the latest in sound reduction and monitoring technology.” This is a key element for the Bitfarms relocation, as the company has been criticized by those living adjacent to the de la Pointe mining facility, even after taking measures to dampen the sound coming from its operation.
Bitfarms has invested approximately C$2.25million ($1,760,000), and issued 25,000 Common Share Purchase Warrants that allow Bitfarms shareholders to buy Bitfarms shares at certain prices.
The expansion continues
Bitfarms continues to grow its global hashrate. Bitfarms is currently building a massive Bitcoin farm in Argentina, which will enable the company to increase mining power up to 210 MW. Emiliano Grodzki CEO at Bitfarms stated that the facility would be able house 55,000 miners and have an energy cost of only 2.2 cents per Kilowatt Hour.
This company also invests heavily in equipment for these new facilities. Bitfarms and Blockfi announced in February a new funding agreement that would allow Bitfarms to access financing up to $32million to purchase mining equipment. These funds will allow Bitfarms to purchase 6,100 Bitmain Pros (one of the most recent units from the miner manufacturer company).
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