A giga firm to mine bitcoin? Bitfarms pulls out all the stops in Argentina
Digital Gold Rush – The company specializing in network infrastructure and bitcoin mining is setting up shop in Argentina. Crypto is a hot topic in this country that has been plagued by rising inflation for several years. The city of Buenos Aires has just announced that it maintain Ethereum nodes from 2023. In these latitudes, the industry seems to be in good shape.
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Giga firm seeks megawatts for mega profits
Founded in 2017, the mining company is now present in 4 countries through 9 farms. According to its official website, Bitfarms currently holds 2,021 BTC (~€37 million). Its centers bring together nearly 50,000 miners, who provide their computing power to the Bitcoin network. Thus, they keep the registry (blockchain) up to date and secure its network. They are remunerated in return for the effort provided and placed at the service of the network.
after big bitcoin purchases and a new project in Canada, Bitfarms continues to display its ambitions in mining. The Argentinian project started in October 2021 and can now contribute to the Bitcoin network.
Bitfarms plans a gradual ramp-up of BTC mining. The initial production forecast is 10 megawattsbut soon the company intends to multiply this production by 5. This objective should be reached by the middle of next year.
Despite the gloom in the crypto market, the most involved players in the industry continue to prepare for the future. And the future is written in green, even for BTC! Bitcoin mining requires a lot of energy resources, which is why huge research efforts exist to optimize this consumption. The giant Intel is working on a new generation chip, while oil groups mine BTC via their gas waste (formerly burned).
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