Please try another search
Argentina Will Promote Large-Scale Bitcoin Mining
The Bitfarms company, the developer of the Bitcoin farm project in Argentina and Paraguay, announced the installation of thousands of pieces of mining equipment during the presentation of its financial report for the fourth quarter of 2021 this week.
The two countries have been chosen by the company as the spearhead for a large-scale BTC mining project in the coming years. In Paraguay, the installation of Bitcoin farms powered by hydroelectric energy began in January.
While in Argentina, facilities are being built that will house some 27,500 Whatsminer M30S, BTC mining equipment that is currently among the most powerful in the specialized hardware market.
This equipment, produced by the manufacturer MicroBT, has a processing capacity of up to 88 terahashes per second (TH/s). The 27,500 computers that the company plans to install in Argentina will add 2.42 exahashes per second (EH/s) of power.
Increase in Installed Mining Capacity
In Argentina, Bitfarms aims to reach approximately 1% of the entire Bitcoin hashrate (206 EH/s) worldwide. The hashrate represents the power of the network to solve proof-of-work puzzles, confirm cryptocurrency transactions, and ensure network security from potential attackers. In exchange, the BTC miners receive a reward.
Argentina is expected to become one of the countries with the highest Bitcoin mining capacity by the end of the year. Currently, the country is contributing 0.05% of the BTC hashrate, according to a report from the University of Cambridge.
Bitfarms is currently building two large mining farms that are located in Río Cuarto, a city in the province of Córdoba. The two farms will be ready to operate in the last quarter of the year and will have an electrical consumption of 100 MW.
There are two other farms still to be built that will consume the rest of the contracted energy, but the company has not yet revealed their location.
On the Flipside
Another risk is that the excessive use of hydroelectric energy in Bitcoin mining causes blackouts in the province of Córdoba. However, Bitfarms signed an 8-year contract with a private supplier for the supply of energy derived from natural gas.
The company will have at its disposal an installed electric power capacity of 210 megawatts (MW). This power is equivalent to all the electricity consumed by about 100 Argentine households for a year.
Why You Should Care
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.