Bitfarm Adding New Mining Space In Canada, Acquires Land To Set Up

A prominent corporate player in Bitcoin mining space, Bitfarm has made an announcement regarding latest purchase of facility and land in Canada.
Acquired land is located at Sherbrooke, Quebec, as per a press release issued by organization, it will replace one of the facilities organization has in nation.
Crypto mining is a process through which blocks associated with crypto assets are mined, and rewards are earned in return for block mining.

Bitfarm Replacing BTC Mining Facility Located In Canada

Bitfarms, an organization committed to mining bitcoin, has made an announcement regarding purchase of fresh land and is developing a latest facility as well as a building to develop a new facility to mine Bitcoin in Canada.

Facility, which was known as “Garlock,” will act as a replacement for fading out de la Pointe facility and will send 18 Mega Watts energy for organizing mining operations.

Talking about development of this latest facility, Bitfarm’s Chief Operations Officer and president, Geoff Morphy, stated that, Once development is finished, an entirely planned facility of the 3 Sherbrooke farms, that also involves The Bunker and ledger, will wholly use Hydro-Sherbrooke’s married energy of 96 MW.

This latest facility will be situated in a remote region and will be full of monitoring and latest in sound reduction tech. It is a core element for Bitfarm restationing, as there were some criticisms by living adjacent to de la Pointe mining facility, even after applying measures to diminish sound emerging from ops.

Total investment cost Bitfarms is investing into this facility is around $1,760,000 and common share purchase warrants, which will enable holders to acquire Bitfarms stocks at a specific price point.

Keeping Up With Extension

Bitfarms is constantly working to keep escalating its hash rate around the globe. The organization is presently developing a mega Bitcoin farm in Argentina which will enable it to ascend mining power by 210 MW after completion.

An estimate states that facility has capability to house 55,000 miners with a luring price of 2.2 cents per KW hour, as per statements from Bitfarms CEO Emiliano Grodzki.

Organization is also making some hefty investments for managing equipments to power these latest facilities. Back in February, Bitfarms made an announcement regarding latest financing deal with Blockfi, which will enable accessibility to funding for up to $32 Million, which will be utilized to continue acquiring mining tools.

Particularly, 6,100 Bitmain S19j Pros, one of the latest units launched by miner producing organization, will be bought through these funds.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing