Bitfarms Ltd., a Bitcoin mining company, announced it has increased its corporate hashrate to over 1.6 Exahash per second (EH/s) through the expansion of operations at its Cowansville, Québec, facility and electricity supplied by hydro power.
The Cowansville expansion is a completely new 17 MW facility, which replaces Bitfarms’ first Bitcoin mining facility of 4 MW constructed in 2017. Leveraging four years of experience, design, and engineering advances, this facility is expected to generate greater operating efficiencies, more robust capabilities, better controls, and lower sound emissions.
Hydro-Québec has commenced delivering power to the facility, effective Oct. 1, 2021. The expansion increases Bitfarms’ operational mining infrastructure in Quebec by about 19% to 82 MW.
“Bitfarms is committed to developing the cost-effective infrastructure to support the 55,000 new generation Bitcoin mining machines scheduled to be delivered between now and the end of 2022,” said Emiliano Grodzki, chief executive officer of Bitfarms. “As Bitfarms upgrades its miner fleet and existing facilities while expanding into new geographies, we will continue to increase our ability to produce Bitcoin with greater efficiency across decentralized operations. Cowansville broadens our footprint in Canada and marks our first new capacity build-out in Québec in 2021. This is one of many projects that excite us about our growth opportunities and supports our goal of achieving 3 EH/s by the end of the first quarter of 2022 and 8 EH/s by the end of 2022.”
Founded in 2017, Bitfarms is a Bitcoin mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics, and company-owned electrical engineering and installation services to deliver high operational performance and uptime.
Bitfarms became the first Bitcoin mining company to complete its long-form prospectus with the Ontario Securities Commission and started trading on the TSX-V in July 2019. On Feb, 24, 2021, Bitfarms was announced as a Rising Star by the TSX-V. On June 21, 2021, Bitfarms started trading on the Nasdaq Stock Market.
Bitfarms has five industrial-scale facilities located in Québec. Each facility is over 99% powered with environmentally-friendly hydropower and secured with long-term power contracts. In addition, Bitfarms has announced new high-power production facilities will be built in Québec, Paraguay, and Argentina.