Bitfarms Expands its Bitcoin Mining Operations

In August 2022 alone, Bitfarms, a global self-mining company for Bitcoin (BTC), mined 534 Bitcoins for an average of 17.2 BTC/day, an increase of 50% from August 2021.

According to a press release from Bitfarms, the business produced an average of over 17 BTC per day and finished the month with a total of 534 BTC, an increase of 7% from 500 BTC in July.

Ben Gagnon, Chief Mining Officer of Bitfarms, commented on the growth of Bitcoin mining, saying, "Our hash rate grew to 3.9 EH/s, up 1% from the beginning of August, and we averaged 3.8 EH/s for the month."

As of now, the corporation has the following estimates for monthly output in 2022:

January: 301 BTC

February: 298 BTC

March: 363 BTC

April: 405 BTC

May: 431 BTC

June: 420 BTC

July: 500 BTC

August: 534 BTC

The initial segment of our first 50-megawatt (MW) warehouse in Rio Cuarto, Argentina, is almost ready for production and will play a crucial role in helping us reach our target of delivering 4.2 exahashes per second (EH/s) by September 30. This was stated in a statement made by Bitfarms President and COO Geoff Morphy in response to the August reports.

Specifically, the first 10 MW of this warehouse is scheduled to be energized and start production ahead of schedule later this month, with capacity being added incrementally throughout Q4 2022, according to BitfarmGagnon, who is focused on developing the Bitcoin farm project in Argentina and Paraguay. Beginning in September, work on our second 50 MW warehouse in Rio Cuarto is anticipated to be finished at the start of Q2 2023.

The bill to recognize cryptocurrency mining as an industrial activity was rejected by President Bentez of Paraguay.

As reported on social media, Mario Abdo Bentez, the president of Paraguay, vetoed a bill that attempted to classify bitcoin mining as an economic activity. He reasoned that the development of a nationally sustainable business might be hampered by mining's high electricity use.

The document states that while the GDP increased more than 4% over the previous five years, industrial investment in the nation increased by 220% in the preceding year to $319 million. If this pace persists, the nation's industries may demand a sustainable level of energy production and availability across the board. "If Paraguay wishes to increase cryptocurrency mining now, it will have to import electricity in the following four years."

Article Credit: Investing.com

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