Bitfarms Buys Land to Open New Mining Facility in Canada
Bitfarms, a corporate player in the bitcoin mining world, has announced a new acquisition of land and a facility in Canada. The purchased land is located in Sherbrooke, Quebec, and according to a press release issued by the company, it will serve to replace one of the other facilities the company has in the country.
Bitfarms to Replace Bitcoin Mining Facility in Canada
Bitfarms, a company dedicated to mining Bitcoin, has announced the acquisition of new land and a building located in Canada to establish a new bitcoin mining facility. The facility, which has been called “Garlock,” will serve as a replacement for phasing out the de la Pointe facility, and it will supply 18 MW of power for conducting mining operations.
On the construction of this new facility, Geoff Morphy, president and COO of Bitfarms, stated:
When completed, the total planned capacity of our three Sherbrooke farms, which also include Leger and The Bunker, will fully utilize Hydro-Sherbrooke’s contracted power of 96 MW.
The new facility will be located in a remote area, and will be equipped with “the latest in sound reduction and monitoring technology.” This is a key element for the Bitfarms relocation, as the company has been criticized by those living adjacent to the de la Pointe mining facility, even after taking measures to dampen the sound coming from its operation.
The total price of the investment Bitfarms is putting into this new facility is around C$2.25 million ($1,760,000) and 25,000 common share purchase warrants, that will allow holders to purchase Bitfarms shares at a certain price point.
Bitfarms has been working to keep increasing its hashrate around the world. The company is currently building a mega Bitcoin farm in Argentina which will allow the company to grow mining power by 210 MW upon completion. The projection states that this facility will be able to house 55,000 miners with a very attractive energy price of 2.2 cents per kilowatt hour, according to statements from Emiliano Grodzki, CEO of Bitfarms.
The company is also investing heavily in securing equipment to power these new facilities. In February, Bitfarms announced a new financing agreement with Blockfi that will allow it access to funding for up to $32 million, which will be used to continue purchasing mining equipment. Specifically, 6,100 Bitmain S19j Pros, one of the newest units released by the miner manufacturing company, will be purchased with these funds.
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