Bitfarms, a Singapore company that operates as the first commercial-scale green cryptocurrency mining operation in the world, has announced plans to expand into the US. However, it will be done by leasing idle data center space from Amazon Web Services and Cubixcom’s blockchain division.
The “china shuts down crypto mining” is a recent event that has caused the Bitfarms to expand its operations to the United States. The company plans on opening a green crypto mining operation in Washington state.
Following the acquisition of a property piece in Washington State, Canadian Bitcoin mining startup Bitfarms plans to develop its first data center in the United States.
Bitfarms said on Nov. 11 that it planned to set up mining facilities in the United States capable of 620 petahashes per second, employing 6,200 Bitmain machines powered entirely by hydroelectric energy. The company has already invested $26 million in a 24 megawatt hydro power plant in Washington, but aims to grow to 99 megawatts by establishing more farms in the region.
The company picked Washington because of its “cost-effective power” and production rates, according to Bitfarms CEO Emiliano Grodzki. The company now has a total mining capacity of 106 MW with the addition of the 24 MW data center, but estimates the completed facilities will be able to produce 3.7 Bitcoin (BTC) per day at a cost of around $4,000 per BTC — at the current BTC price of $65,000, this would mean roughly $183,000 in profit daily.
Bitfarms’ stock plummets on Nasdaq debut amid crypto market turbulence
Despite the fact that many people are concerned about the possible environmental effect of cryptocurrency mining, Bitfarms maintains that its facilities in Canada are nearly exclusively powered by hydroelectric electricity. Bitfarms has quadrupled its monthly crypto mining output between January and July, mining 199 BTC and 400 BTC, respectively, according to Cointelegraph, perhaps as a consequence of China’s crackdown on miners.
According to the mining company, it presently operates or is developing 10 farms in nations such as the United States, Argentina, and Canada. Bitfarms claims to have a mining capacity of 82 MW @ 1.8 exahashes per second at the time of writing.
Bitfarms is expanding to the US with plans to open a green crypto mining operation in Washington. The company is working with BlackRock on the project, which has received funding from DFJ and Polychain Capital. Reference: blackrock and crypto.
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