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Just a few weeks following Bitfarms’ successful acquisition of 150 MW of hydropower contracts in Paraguay, the company has unveiled its latest expansion plans. CEO Geoff Morphy of Bitfarms, listed on Nasdaq as BITF, highlighted the reasoning behind this strategic move, underlining the advantages of Paraguay’s cost-effective construction options and rapid project completion schedules.
Morphy emphasized, “Our overarching objective within our global growth strategy for the upcoming year’s halving is to achieve optimal operational efficiencies while minimizing capital expenditure. Our familiarity with the region has led us to select Paraguay as an ideal location, given its combination of budget-friendly construction and expedited project timelines.”
The forthcoming facility is set to comprise a 50 MW substation, a 30 MW air-cooled warehouse, and 20 MW of hydro-cooled mining containers from Microbt. Bitfarms is set to deploy 1,920 units of Microbt’s cutting-edge M53S+ miners within these containers, designed specifically for immersion cooling solutions.
Remarkably, Bitfarms will finance both the miners and the essential infrastructure entirely through vendor credits. This approach significantly mitigates the company’s immediate cash outflow. According to Bitfarms’ Chief Mining Officer, Ben Gagnon, the M53S+ miners are forecasted to generate an impressive 675 PH/s output, demonstrating an efficiency rating of 28.5 W/TH. This places them at the forefront of Bitfarms’ mining fleet in terms of efficiency.
The move into hydro-cooled mining represents a pivotal milestone for Bitfarms, signaling a departure from its previous immersion cooling approach. Gagnon expressed optimism about the cost-effectiveness of hydro-cooled technology, potentially surpassing the traditional immersion cooling method. Bitfarms’ accelerated expansion in Paraguay underscores the company’s dedication to seeking out economical power sources, a strategy tailored to enhance profitability, particularly in anticipation of the impending Bitcoin halving event in 2024.
