The official request of the legislative structures of Argentina allowed to reveal the plans of the Bitfarms company. In detailed information, its representatives talked about the construction of a mining center in Cordoba. Its capacity will be 210 MW.
In the province of Cordoba, in the city of Rio Cuarto, a new mining building will be built, where bitcoin will be mined. A farm will be located right inside the power plant, owned by the Albanesi Group of companies. The equipment that was planned to be installed on the territory of the center for bitcoin mining will give a capacity of 210 MW. Miners will receive electricity directly from the station. At the same time, the main energy network of the country will remain untouched.
Damian Polla, Chief Executive Officer of Bitfarms, spoke about the plans. They intend to provide about 500 jobs at the time of the construction of the center, and after the building is put into operation, another 100. Damian also noted that an energy purchase and sale agreement has been drawn up between individuals. The document does not prescribe any subsidies. This is due to the fact that the demand does not concern the country’s energy system.
The official document received from Bitfarms representatives helped the legislators of Argentina to make sure that there are no concerns associated with involvement in such a large project of the country’s energy system and causing damage to the environment. That is why, in October 2021, the Argentine authorities received a resolution from Deputy Martin Berhongaray, in which they demanded Bitfarms to disclose the details of their project.
As you know, back in April 2021, an agreement was signed between Bitfarms and an electricity supplier in Argentina, under which the company will consume up to 210 MW of electricity in a new mining center.
At the moment, the company is engaged in increasing the capacity for bitcoin mining. They have formed a plan for the next 5 years, the strategy of which includes the construction of new mining centers in different parts of the world and the purchase of equipment. In March of this year, the company acquired 48 thousand pieces of equipment for bitcoin mining. Its deliveries are scheduled for 2022. However, there is already a shortage in the semiconductor market. In this regard, the company may receive orders untimely.