On Wednesday, Bitfarms, a bitcoin mining enterprise listed on the U.S. stock market, revealed the successful acquisition of a new site in Yguazu, Paraguay, earmarked for a 100 megawatt (MW) mining facility. This development is part of Bitfarms’ ambitious plan to escalate its capacity to 21 exahash per second (EH/s) by year’s end.
Bitfarms Targets 21 EH/S Capacity With New Paraguay Facility
The announcement by Bitfarms (Nasdaq: BITF) about securing land in Yguazu, Paraguay, aligns with the current trend of significant expansion observed in the mining sector. This period has seen numerous mining corporations extend their operations and procure an extensive array of tens of thousands of application-specific integrated circuit (ASIC) mining rigs.
“The newly acquired land is located in the heart of Paraguay near the Itaipú Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity,” Geoff Morphy the president and CEO of Bitfarms remarked on Wednesday
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