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 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.