Bitfarms Secures Another 100 MW of Hydropower Bitcoin Mining Capacity

Target of 21 EH/s by 2024 "remains on schedule," chief mining officer said.

Canada-based Bitfarms has amended an existing power purchase agreement (PPA) in Yguazu, Paraguay to double its hydro bitcoin mining capacity to 200 megawatts (MW).

Bitfarms said on Tuesday that it has secured an additional 100 MW for its Yguazu site with the Paraguay state-owned utility company, ANDE, touting a contractual cost of about $39 per mWh before VAT.

The PPA amendment follows Bitfarms’ acquisition of land in Yguazu near the Itaipu Dam earlier this year which came with an initial plan of 100 MW in hydropower capacity.

Bitfarms said the construction at the Yguazu site began in March and infrastructure orders to accommodate the additional 100 MW are also underway.

Bitfarms joined an arms race late last year among publicly traded mining peers by bulk ordering the next generation of mining hardware. It first pre-ordered 6.8 EH/s of Bitmain’s Antminer T21 in November and followed up with another purchase of 10 EH/s in March with T21, S21 and S21 hydro miners.

Along with the hardware purchases, Bitfarms is scaling up the infrastructure capacity to provide enough power to reach the target of 21 EH/s by the end of 2024.

β€œThe additional 100 MW provides a low-cost growth path for the first half of 2025 without impacting our 2024 21 EH/s target which remains on schedule,” Bitfarms chief mining officer Ben Gagnon said, adding that growing Yguzu to 200 MW is set to increase Bitfarms’ power capacity under management to 528 MW in 2025.

In an abrupt move on Monday, Bitfarms fired the outgoing interim president and CEO Geoffrey Morphy after the executive filed a lawsuit in Canada accusing the company of breach of contract and demanding $27 million in punitive damages.