Bitfarms, a Bitcoin mining company based in the Cuarto region of Argentina, has set a new record for its hash rate of 5 EH/s. The company started operating in the region last year and has been steadily increasing its hash rate since then.
Immediately following its September 2021 deployment at a hash rate of 3.9 EH/s, the Cuarto mining facility increased Bitfarms’ hash rate to 4.1 EH/s. The company is taking advantage of low energy costs in the region to continue increasing the hash rate, aiming to reach 6 EH/s by the end of this year.
Bitfarms’ expansion of its mining operations in Argentina has been a major driver of its recent growth. The company has been able to increase its hash rate and reduce the overall cost of Bitcoin BTC 0.54% mining by taking advantage of the region’s low energy costs. Energy costs for mining facilities are currently below $0.03 per kWh.
As of March 31, 2023, the total computing power of Bitfarms is 4.8EH/s, an increase of 2% month-on-month and 78% year-on-year. Additionally, Bitfarms holds $29 million in cash and equivalents, 435 bitcoins in escrow, $22 million in supplier credit, and only $21 million in total debt.
Emiliano Grodzki, the company’s CEO, expressed confidence in the company’s growth prospects, saying: “We are committed to expanding our presence in Argentina and we believe our low-cost mining operations in the region will continue to be a key driver of our success”
Bitfarms’ record-breaking hash rate is a major milestone for the bitcoin mining industry, as it further cements the company’s position as a major player in the space.
With a focus on low-cost mining operations and a commitment to expansion, Bitfarms is poised to continue growing in the years to come.