translated from Spanish: They will install a giant farm to mine Bitcoin in Argentina

A Canadian company plans to build a gigantic bitcoin mining center in Argentina. The project will operate with 55,000 machines and become one of the company’s largest farms. The firm in charge is Bitfarms, which would have chosen our country because of the low cost of electricity, which would allow it to extract the cryptocurrency at a lower cost than those generated at its facilities in Canada. In Quebec, for example, the current average cost of mining a full currency is about $7,500, and the company estimates that here it could do so for $4,125, a saving of 45%.

In this sense, it would have signed an eight-year energy agreement with a local private company that will ensure a low kilowatt hour price for the first four years. The company estimates that 210 megawatts of electricity will be enough to produce some 11,774 bitcoins, equivalent to about $650 million at the current price of the cryptocurrency (us$55,000), as noted in an official statement. In this way, Argentina will be the most energy-powered facility of the company’s five farms in Quebec, Cowansville, Magog, Farnham, St. Hyacinthe and Sherbrooke.Bitfarms also plans to move a significant number of its older mining equipment to the new data center. less efficient than the latest generation, in a move to take advantage of “the low cost of electricity and its proven reliability, which will prolong its economic life.”

The company’s plan is for Argentina’s mining center to start operating in early 2022. According to the cryptonews site, “it could be assumed that Bitfarm will locate its mining center in the Patagonian region”, highlighting the fact that “for three years the province of Tierra del Fuego has been mentioned as a potential territory for bitcoin mining”.

Original source in Spanish

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