Bitfarms Ltd., a Bitcoin self-mining company, has concluded the second phase of the expansion of its its “The Bunker” facility. The new facility adds 18 megawatts (MW) of power to the company’s capacity. Also, the company’s mining plant in Washington State recently added 3 MW of low-cost hydropower to its existing working capacity, bringing the total to 158 MW. As a result, the company’s total hashrate will increase by 200 petahash per second (PH/s) to an impressive 3.8 exahash per second.
Bitfarms’ expansion strategy with own energy generation at the core
As a Bitcoin mining company, Bitfarms has a global expansion strategy based on self-generation of electricity. Also, it does on-site technical repairs, proprietary data analytics and company-owned electrical engineering/installation services. In addition to its seven industrial-scale production facilities in Quebec and one in Washington state, the company also operates a facility in Paraguay. Also, it is a listed company, trading at the Nasdaq since June 2021.
With the construction of The Bunker, Bitfarms can now produce over 16 BTC per day, a record high. This is a n increase of 15% from 14.6 BTC/day in the last week of June. During the first week of August, the company aims to accomplish its objective of 4 EH/s hashrate. It has already deployed 9,450 miners, and the process of installing more miners is currently nearing conclusion.
Furthermore, Phase 3 of The Bunker, which will contribute an additional 12 MW, is now under construction. This phase, which is scheduled for completion later this year, will house an additional 3,250 miners and generate an estimated 325 PH/s of electricity. With the new 3 MW facility in Washington, the state’s farms now have a combined 20 MW of power. The Washington facilities offer the lowest production costs in Bitfarms’ global portfolio, thanks to low-cost energy and a completely upgraded fleet of miners.