Today on April 23 Canadian Bitcoin mining company Bitfarms (OTC:BFARF) revealed a partnership with Digital Currency Group (DCG) parent-subsidiary Foundry Digital LLC
Bitfarms will be joining Foundry’s American mining pool and the two bitcoin mining firms have revealed the joint purchase of 2,465 Whatsminer M30S ASIC mining machines.
At the end of March, the mining company Hut 8 (HUT.TO) explained that the bitcoin mining operation was joining Foundry’s U.S. mining pool. At the time, Hut 8’s CEO Jaime Leverton explained that “having a formidable bitcoin mining pool based and operated entirely in North America is important.”
And now it’s Bitfarm’s turn. They announced on Friday it was joining the company’s U.S. operations. The two companies disclosed the joint purchase of 2,465 machines and 1,465 were previously installed in Bitfarms’ Sherbrooke facility for hosting purposes. Foundry’s efforts aim to make things more convenient for U.S. bitcoin miners operating facilities. The DCG subsidiary claims it has “helped procure nearly half of the Bitcoin mining machines installed in North America in 2020.”
Bitfarms continues its expansion in South America
On October 26, 2020, Bitfarms announced the signing of a non-binding memorandum of understanding to secure electricity at approximately US$0.02 per kWh with the plan to pursue the development of a 60 MW Bitcoin mining facility in Argentina.
The Company has since signed a significantly enhanced power purchase agreement with a utility-grade private power producer in Argentina pursuant to which Bitfarms is entitled to draw up to 210 MW of electricity at its discretion. The initial term of the contract is eight years. During the first four years, the effective cost of the electricity will be US$0.022 per kWh.
With up to 210 MW of low-cost power available to us, the Argentina facility is expected to be a significant contributor to Bitfarms achieving its 8.0 EH/s target by the end of 2022. It is also intended to provide geographic production diversification to reduce risk and serve as an effective hedge for Bitfarms against the next halving event in 2024.
Bitfarms (TSX:BITF) will be featured as a presenting company at the H.C. Wainwright Cryptocurrency, Blockchain & FinTech Conference
Geoffrey Morphy, President, of Bitfarms, will provide an overview of the Company’s business during the presentation which will be held virtually on April 27, 2021. If you are an institutional or retail investor and would like to listen to the Company’s presentation, please register using the following link (www.hcwevents.com/crypto).
In addition, Bitfarms welcomes you to listen in on a panel discussion featuring Ben Gagnon, Bitfarms’ Director of Mining Operations, and many of our publicly traded peers. The main talking points of the conference will be Crypto Mining, Technology, Flexibility, and Sustainability.
H.C. Wainwright is a full‐service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions.