Bitfarms, a Bitcoin mining firm primarily based within the Cuarto area of Argentina, has set a brand new hash charge report of 5 EH/s. The corporate began operations within the area final yr and has been steadily growing its hash charge ever since.
Instantly after the 2021 September. carried out a hash charge of three.9 EH/s, the Cuarto mining rig elevated Bitfarms hash charge to 4.1 EH/s. The corporate is profiting from low power prices within the area and is constant to extend its hash charge to succeed in 6 EH/s by the top of this yr.
The growth of Bitfarms mining operations in Argentina has been a key driver of latest development. The corporate was capable of enhance the hash charge and decrease the general value of Bitcoin mining by profiting from the area’s low power prices. The power value of mining rigs is at the moment lower than $0.03 per kWh.
in 2023 March 31 the whole computing energy of Bitfarms is 4.8 EH/s, which is 2% month-over-month and 78% year-over-year. As well as, Bitfarms has 29 million USD money and equivalents, 435 bitcoins in escrow, 22 million USD provider credit score and solely 21 mln. USD complete debt.
Emiliano Grodzki, the corporate’s CEO, expressed confidence within the firm’s development prospects, saying: “We’re dedicated to increasing our operations in Argentina and imagine that our low-cost mining operations within the area will proceed to be a key driver of our success.”
Bitfarms’ report hash charge is a vital milestone for the bitcoin mining business because it additional solidifies the corporate’s place as a serious participant within the house.
With a deal with low-cost mining operations and a dedication to growth, Bitfarms will proceed to develop within the coming years.
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