• 27,000 miners will be installed in the province of Córdoba in the southern part of the country this year.
• Bitfarms plans to build BTC farms in Argentina and Paraguay with the latest equipment.
• Both countries can become South American mining giants if the project goes as planned.

Bitfarms is the company behind the Bitcoin farm in Argentina and Paraguay. This week’s financial report presented by Bitfarms for the fourth quarter 2021 included the announcement of the installation of thousands upon thousands of pieces mining equipment.

Company has chosen these two countries to lead a massive BTC mining operation in the next few years. Paraguay’s installation of Bitcoin farms using hydroelectric power began in January.

Facilities are currently being constructed in Argentina to store approximately 27500 Whatsminer, BTC mining hardware that’s among the strongest in the specialized hardware sector.

MicroBT produced this equipment with a processing speed of up to 88 Terahashes per Second (TH/s). The company intends to add 2.42 exahashes per minute (EH/s), of power with the 27,500 computers it plans to place in Argentina.

Increment in the installed mining capacity

Bitfarms Argentina is aiming to achieve 1% of all Bitcoin hashrates (206 EH/s globally) It is the ability of the network’s network to resolve proof-of work puzzles and confirm transactions. BTC miners get a reward in exchange.

Argentina will likely be one of the top Bitcoin mining countries by the end this year. A report by the University of Cambridge shows that the country currently contributes 0.5% of BTC havehrate.

Bitfarms is currently building two large mining farms that are located in Río Cuarto, a city in the province of Córdoba. They will become operational in the third quarter of this year. The farms will consume 100 MW of electricity.

Two additional farms are still being built and will use the remaining contracted energy. The company has yet to reveal their locations.

The Flipside

• In accordance with a recent debt agreement, the International Monetary Fund asked Argentina to stop the purchase of bitcoin and other cryptocurrencies.
• Several provinces in Argentina have raised the taxes and regulations regarding Bitcoin.

Another risk is that the excessive use of hydroelectric energy in Bitcoin mining causes blackouts in the province of Córdoba. Bitfarms has signed an eight-year agreement with a private supplier to supply energy derived from the.

This company will be able to access an electric power supply of 210 megawatts. It is equal to the annual electricity consumption of approximately 100 households in Argentina.

What You Need to Care About

• Companies in the mining industry are seeking friendly territory and regulatory frameworks for large-scale installation. Paraguay, Argentina and Paraguay are open to the idea. This could be changing, at least for Argentina.

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