Bitfarms Secures Power Purchase Agreements in Paraguay
Bitcoin miner Bitfarms has announced that it has secured two power purchase agreements in Paraguay, allowing it to add up to 150 megawatts (MW) of hydropower capacity. The first agreement, worth up to 50 MW, is located in Villarrica, close to Bitfarms’ existing operations. The second agreement, worth up to 100 MW, is located in Yguazu, near the Itaipu hydroelectric power plant.
Main Key Points:
- Bitfarms has secured two power purchase agreements in Paraguay.
- The agreements will add up to 150 MW of hydropower capacity.
- One agreement is worth up to 50 MW and is located in Villarrica.
- The other agreement is worth up to 100 MW and is located in Yguazu.
- The price per kilowatt hour (kWh) will be $0.039 before value-added tax.
Bitfarms plans to begin construction in Villarrica in the first quarter of 2023, starting with a substation and later adding a mining facility. The construction timeline for the Yguazu location has yet to be determined. Bitfarms currently operates 11 farms in Canada, the United States, Paraguay, and Argentina.
Hot Take:
Bitfarms’ new power purchase agreements in Paraguay will significantly increase its hydropower capacity, allowing for continued growth in Bitcoin mining operations. The company’s focus on renewable energy sources aligns with the industry’s increasing emphasis on sustainability. With these agreements, Bitfarms strengthens its foothold in Paraguay and expands its access to affordable, renewable energy.
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