• Enlargement permits Bitfarms to handle 528 MW, leveraging current infrastructure to cut back prices per megawatt.
• Amidst growth, former CEO Geoffrey Morphy sues Bitfarms for $27 million over alleged contractual breaches.

Regardless of regulatory uncertainties in Paraguay, Bitfarms, a Bitcoin mining firm listed on each Nasdaq and the Toronto Inventory Alternate, has efficiently secured an extra 100 megawatts (MW) of electrical energy from Paraguay’s state-owned energy firm, Administración Nacional de Electricidad (ANDE). This growth comes as lawmakers in Paraguay deliberate on probably banning mining actions associated to the cryptocurrency.

Bitfarms introduced on its official web site that this new allocation of energy would double the hydroelectric capability of its facility beneath building in Yguazú, japanese Paraguay. This website is anticipated to be absolutely operational by 2025. Initially, the Yguazú website was allotted 100 megawatts of energy, and with the current growth, it’ll now handle a complete of 200 megawatts.

The development of the Yguazú farm, which started in March, has progressed swiftly, with high-tension interconnections already established to ANDE’s substation. In keeping with Bitfarms, the hydroelectric energy shall be generated at a price of $0.039 per kilowatt-hour (kWh), a price not topic to inflationary will increase. 

Ben Gagnon, Bitfarms’ Director of Mining, said that the extra 100 MW supplies an economical progress path via the primary half of 2025 and doesn’t have an effect on their goal of reaching a hash price capability of 21 exahashes per second by 2024.

“Importantly, this expansion leverages our existing construction plan, amortizing development costs over a broader infrastructure base and reducing overall costs per megawatt,” added Gagnon.

With this growth, Bitfarms goals to extend the megawatts beneath its administration by 23%, rising from 428 MW to 528 MW. Gagnon emphasised that this growth leverages their current building plan, spreading growth prices over a broader infrastructure base and decreasing general prices per megawatt.

“The additional 100 MW provides a low-cost growth path for the first half of 2025 without affecting our target of 21 EH/s by 2024, which remains on schedule,” commented Ben Gagnon, the corporate’s head of Mining.

Damián Polla, Common Supervisor for LATAM at Bitfarms, highlighted the speedy progress of the corporate’s initiatives in Paraguay, facilitated by the growth of infrastructure on the Paso Pe and Yguazú parks. 

Native Information reported in July 2023 that building had begun on two new mining farms in Paraguay, one in Villarrica and the opposite in Yguazú, marking the nation’s rising significance within the trade because of its geographical situations.

Bitfarms, which additionally operates a mega-farm in Río Cuarto, Córdoba, Argentina since 2022, views the developments in Paraguay as indicative of better progress alternatives in Latin America in comparison with different areas. Polla identified Paraguay’s distinctive potential, highlighted by its ample hydroelectric assets.

Bitfarms operates extra Bitcoin mining amenities in the US and Canada. In April, the corporate introduced plans to take a position roughly USD 240 million to improve its mining tools following the halving, aiming to extend its hash price capability to 21 exahashes per second.

Amid these expansions, Bitfarms can be navigating via an issue involving its former CEO, Geoffrey Morphy, who not too long ago filed a $27 million lawsuit in opposition to the mining agency. Morphy was anticipated to proceed as CEO and president till a alternative might be discovered, following his introduced departure in March. 

Nonetheless, on Might 13, the corporate terminated him after he accused Bitfarms of breach of contract, wrongful dismissal, and aggravated and punitive damages.