Bitfarms, a corporate player in the bitcoin mining world, has announced a new acquisition of land and facilities in Canada. The land purchased is located in Sherbrooke, Quebec, and according to a press release issued by the company, it will be used to replace one of the other facilities the company has in the country.
Bitfarms will replace Bitcoin mining facility in Canada
Bitfarms, a dedicated Bitcoin mining company, has announcement the acquisition of new land and a building located in Canada to establish a new bitcoin mining facility. The facility, called “Garlock”, will gradually replace the Pointe facility and provide 18 MW of electricity for the conduct of mining operations.
Commenting on the construction of this new facility, Geoff Morphy, President and COO of Bitfarms, said:
When completed, the planned total capacity of our three Sherbrooke farms, which also include Léger and The Bunker, will make full use of Hydro-Sherbrooke’s contracted capacity of 96 MW.
The new facility will be located in a remote area and will be equipped with “the latest sound reduction and monitoring technology”. This is a key element for the relocation of Bitfarms, as the company has been critical by residents of the La Pointe mining facility, even after taking measures to reduce noise from its operation.
The total investment price that Bitfarms is investing in this new facility is approximately 2.25 million Canadian dollars ($1,760,000) and 25,000 common stock warrants, which will allow holders to purchase Bitfarms shares at a certain price.
The expansion continues
Bitfarms strives to keep increasing its hashrate around the world. The company is currently building a mega bitcoin farm in Argentina which will allow the company to increase mining power by 210MW when completed. The projection indicates that this facility will accommodate 55,000 miners with a very attractive energy price of 2.2 cents per kilowatt hour, according to statements by Emiliano Grodzki, CEO of Bitfarms.
The company is also investing heavily in securing equipment to power these new facilities. In February, Bitfarms announcement a new funding agreement with Blockfi that will allow it to access funding of up to $32 million, which will be used to continue to purchase mining equipment. Specifically, 6,100 Bitmain S19j Pros, one of the most recent units launched by the miner manufacturing company, will be purchased with these funds.
What are your thoughts on the purchase and expansion of Bitfarms land in Canada? Tell us in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.