Bitfarms expands to US, plans green crypto mining operation in Washington

Published at: Nov. 11, 2021

Canadian Bitcoin mining company Bitfarms is planning to build its first data center in the United States following the purchase of a land plot in Washington State.

In a Nov. 11 announcement, Bitfarms said it aimed to establish mining operations in the U.S. capable of 620 petahashes per second using 6,200 Bitmain rigs fully powered by hydroelectric energy. The firm has already purchased a 24 megawatt hydro power farm in Washington for $26 million, but plans to expand to 99 MW by developing additional farms in the area.

Bitfarms CEO Emiliano Grodzki said the firm had chosen Washington for its “cost-effective electricity” and production rates. With the addition of the 24 MW data center, the company currently has a total mining capacity of 106 MW, but estimates the completed facilities will be able to produce 3.7 Bitcoin (BTC) daily at a cost of roughly $4,000 per BTC — at the current BTC price of $65,000, this would mean roughly $183,000 in profit daily.

Related: Bitfarms’ shares slump on Nasdaq debut amid crypto market pull-back

At a time when many are citing the potential environmental impact of crypto mining, Bitfarms claims its facilities in Canada are powered almost entirely by hydroelectric energy. Cointelegraph previously reported that Bitfarms had doubled its monthly crypto mining productivity between January and July, mining 199 BTC and 400 BTC, respectively, potentially as a result of the crackdown on miners in China.

According to the mining firm, it currently has 10 farms in operation or under development in countries including the United States, Argentina, and Canada. At the time of publication, Bitfarms claims a mining capacity of 82 MW at 1.8 exahashes per second.

Tags
Related Posts
Crypto cowboys: Texas counties welcome Bitcoin miners with open arms
Texas, the second-largest state in the U.S. known for its southern hospitality, is embracing the droves of Bitcoin (BTC) miners that have recently flocked to the region. Following China’s crackdown on crypto mining that occurred in May, a number of Bitcoin mining companies have relocated to The Lone Star State to conduct business. This shouldn’t come as a surprise, though. Texas could very well be the ideal location for Bitcoin mining, due to obvious reasons such as its deregulated power grid, increasing renewable energy and political leaders that are publicly pro-crypto. Texas Governor Greg Abbot recently tweeted his excitement about …
Bitcoin / July 26, 2021
US Bitcoin mining giant Core Scientific set for Nasdaq listing via $4.3B SPAC deal
Core Scientific, one of the largest Bitcoin (BTC) mining operations in North America is set for a public listing on Nasdaq. According to CNBC on Wednesday, Core has inked a $4.3 billion merger with Power & Digital Infrastructure Acquisition Corp — a special purpose acquisition company (SPAC). Apart from the planned valuation, other listing details like trading ticker and the start of actual public trading are yet to be revealed as of the time of writing. The SPAC merger and subsequent Nasdaq listing will see Core join the ranks of fellow publicly-traded Bitcoin mining companies in the United States like …
Bitcoin / July 21, 2021
Bitcoin mining stocks have outperformed BTC by 455% over the past 12 months
Despite the top publicly listed Bitcoin (BTC) mining firms operating at losses, their share prices have dramatically outperformed BTC over the past 12 months. Appearing on CNBC, Fundstrat’s vice president of digital asset strategy, Leeor Shimron, shared his analysis into the market performance of the four largest publicly traded mining firms: Marathon Digital Holdings, Riot Blockchain, Hive Blockchain and Hut 8 — each of which represents a market capitalization of more than $1 billion. Over the past 12 months, Shimron found the average return for shares in the mining firms to have been 5,000%, while BTC has gained 900% over …
Bitcoin / March 22, 2021
Bitcoin miners believe global hash rate to grow ‘aggressively’
Bitcoin (BTC) seems to be on everyone’s mind lately as the world recently witnessed the price of BTC take a rather unexpected bearish turn this month. On January 21, 2022, Bitcoin reached six-month lows, sinking below $40,000 for the first time in months. While some panicked, other industry experts pointed out that the Bitcoin network has become verifiably stronger than ever before. The growth of the Bitcoin network has become apparent, as hash rate figures for BTC continue to set new highs this month. For example, on Jan. 22, the BTC network recorded an all-time high of 26.643 trillion with …
Technology / Jan. 30, 2022
Troubled miner returns 26,000 rigs to eliminate debt
The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations. In an agreement with lender New York Digital Investment Group (NYDIG), the company plans to release 26,000 of its mining rigs, 18,700 of which are currently running. The sell-off will create more liquidity and clear $67.4 million in debt held by Stronghold. Before the agreement, the company had $47 million in liquidity as of Aug. 12. After Stronghold returns 26,000 rigs, with a total hash rate of 2.5 EH/s, their operational fleet will be approximately 16,000 …
Bitcoin / Aug. 17, 2022