Bitfarms, a cryptocurrency mining company, has announced its plans to pioneer hydro-cooled mining in Paraguay with a new 50 MW facility. The decision to expand in Paraguay was influenced by the low building costs and fast construction timelines in the country. The new facility will include a 50 MW substation, a 30 MW air-cooled warehouse, and 20 MW of hydro-cooled mining containers. Bitfarms will be using Microbt’s M53S+ miners, specifically designed for immersion cooling, in the containers. The company will be purchasing the miners and infrastructure using vendor credits, reducing their cash outlay. Bitfarms sees hydro-cooled mining as a potentially cost-effective alternative to traditional immersion cooling, and this expansion aligns with their strategy of pursuing low-cost power sources to improve profitability, especially in preparation for the Bitcoin halving in 2024.
Hot Take: Bitfarms’ decision to pioneer hydro-cooled mining in Paraguay demonstrates their commitment to optimizing efficiency and reducing costs in cryptocurrency mining. This move could potentially position them as a leader in the industry, as they explore innovative cooling technologies. By leveraging low-cost power sources, Bitfarms aims to enhance profitability and stay ahead of the upcoming Bitcoin halving in 2024.
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