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Bitcoin Miner Bitfarms Enhances Paraguay Facility With New 100 MW Hydropower Deal


Apr 18, 2024
On Tuesday, bitcoin mining company Bitfarms, listed on the Nasdaq and Toronto Stock Exchange (TSX), announced it has secured an additional 100 megawatts (MW) of power from Paraguay’s state-owned utility firm, ANDE. The 100 MW is anticipated to double the capacity of the hydro-powered Yguazu site and should be fully operational by 2025.
Bitfarms to Double Yguazu Bitcoin Mining Site Capacity
Bitfarms (TSX: BITF) has acquired an extra 100 MW of capacity for its hydro-powered Yguazu facility in Paraguay. According to the company, this hydropower will generate low-cost electricity at $0.039 per kilowatt-hour (kWh) without being subject to inflationary increases. Construction at the Yguazu site commenced in March, including the high-voltage interconnection to the ANDE substation.

“The 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, remarked on Tuesday. “Growing Yguazu to 200 MW is expected to increase our 2025 megawatts under management by 23% from 428 MW to 528 MW.”

Gagnon added:

Importantly this expansion takes advantage of our existing construction plan, amortizing development costs over a broader infrastructure base and driving down overall costs per megawatt.
Damian Polla, Bitfarms’ General Manager of LATAM, explained that the megawatts were obtained directly through ANDE without any direct acquisition costs. Polla added that Paraguay represents Bitfarms’ most significant growth opportunity, with 270 MW of infrastructure expansion from the new Paso Pe and Yguazu farms. Meanwhile, Bitfarms’ stock has faced pressure, declining 16.7% over the past five days. However, over the past six months, BITF has still risen 37% to date.
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