In Brief
- Bitfarms announced the acquisition of a 24 MW hydroelectric plant in Washington.
- The hydro plant is able to produce 620 PH/S and mine 3.7 BTC every day.
- The company wants to expand to 99 MW by building additional farms in the same area.
Canadian-based Bitcoin mining company Bitfarms announced the acquisition of a 24 megawatt (MW) hydropower plant in Washington state, which can generate 620 petahash (PH/s) of mining power for Bitcoin.
According to a report, 6,200 Bitmain rigs will be installed in this hydroelectric facility. Already, The firm bought a 24-megawatt hydropower farm in Washington for $26 million. The company wants to expand its power production to 99 MW by building other additional farms.
Bitfarm CEO Emiliano Grodzki stated that the reason to choose Washington was its “cost-effective electricity” and production rates. With the addition of a 24 MW data center, the company has a total mining capacity of 106 MW.
Base on recent estimations, the completed facility will be delivered 3.7 Bitcoin (BTC) daily at an expense of $ 4,000 per BTC. which means the company will gain $183,000 profit every day as per the current Bitcoin price, which is around $65,000 at the time of writing.
According to a recent presentation, Bitfarms had 1.8 EH/s of mining power as of Oct. 31
Also Read: Argo Blockchain to Fund Texas Mining Facility via Public Offering
At present, many environmentalists are condemning the crypto mining operation as its required a lot of energy. But, Bitfarms claims its use the renewable energy source and its entire operation works on hydroelectric energy.
