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Bitcoin miner Bitfarms has hit a brand new milestone after rising operations in Argentina, the corporate stated in an announcement to buyers.
On Thursday, the group hit a hashrate of 5 exahash per second (EH/s), that means 5 quintillion hashes per second have been achieved.
The all-time excessive was attributed to the enlargement of manufacturing at its farm in Argentina, which was first fired up final yr.
The ability, in Rio Cuarto, instantly boosted Bitfarms’s hashrate to 4.1 EH/s from 3.9 when it went reside in September.
This has continued to extend, because the enterprise takes benefit of low vitality prices within the area.
The latest enhance got here as 2,100 new miners have been energized earlier this week, whereas some present miners who had been “underclocked” have been delivered to full capability.
“This thrilling second displays our staff’s arduous work over the past two years leading to our largest, most superior, and lowest value facility,” stated Geoff Morphy, CEO of Bitfarms.
He added that the enterprise is now focusing on a hashrate of 6 EH/s by the tip of the yr, because it takes benefit of additional enlargement alternatives.
Argentina enlargement plans
The corporate has already bought one other 6,200 new Bitmain and MicroBT miners, which chief mining officer Ben Gagnon stated earlier this week would shortly be in transit and may convey the enterprise’s complete hashrate to five.7 EH/s as soon as activated.
Much more orders for brand spanking new tools are at present within the works.
Power prices for the positioning are at present anticipated to be under $0.03 per KWh, Bitfarms CFO Jeff Lucas defined, giving Bitfarms a “best-in-class common value of Bitcoin mined.”
Bitfarms, which is listed on each the Nasdaq and the Toronto Inventory Trade, has a complete of 10 mining amenities throughout Canada, the U.S., Paraguay, and Argentina.
Whereas the corporate makes use of hydroelectric energy to mine Bitcoin at its different websites, the Argentina location makes use of pure gasoline.
The Argentina mission was first introduced in April 2021, with the preliminary contract as a result of final for eight years.
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