Bitfarms opens mining facility in Canada

Bitfarms announced a new acquisition of land and a facility in Canada, aggregator CoinFi reported. The plot, which is located in Sherbrooke, Quebec, is replacing another facility the company has in the country, the company announced in a press release.

The new facility, which has been called “Garlock,” will replace the de la Pointe facility. It will supply 18 MW of power for mining operations.

New facility equipped with latest in sound reduction technology

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The new facility, which will be located in an isolated area, will be equipped with the latest sound reduction and monitoring technology. This is an important aspect of the Bitfarms relocation, as residents in the area of de la Pointe have criticized the company over noise emissions. Some even took measures to dampen the noise from its operation.

On the news of this new facility, Geoff Morphy, president and COO of Bitfarms commented:

When completed, the total planned capacity of our three Sherbrooke farms, which also include Leger and The Bunker, will fully utilize Hydro-Sherbrooke’s contracted power of 96 MW.

Bitfarms invested $1.7M in facility

Bitfarms invested C$2.25 million ($1,760,000) in the new facility as well as 25,000 common share purchase warrants, allowing holders to buy Bitfarms shares at a specific price.

Growing expansion  

Bitfarms has been making an effort to keep increasing its hashrate globally. The mega Bitcoin (BTC/USD) farm they are currently building in Argentina will allow them to increase mining power by 210 MW when ready.

According to their projection, this farm will be capable of housing 55,000 miners. Bitfarms CEO Emiliano Grodzki stated the energy price would be quite attractive at 2.2 cents per kilowatt hour.

BlockFi provides Bitfarms with $32M in funding

Bitfarms is making major investments to secure equipment to power these new facilities. The company announced a new financing agreement with BlockFi crypto exchange in February. Under this agreement, Bitfarms will receive funding of up to $32 million, which the company will use to keep buying mining equipment.

More specifically, the funds will be used to buy 6,100 Bitmain S19j Pros, one of the newest units released by the mining and manufacturing company.