Bitfarms (BITF) has released January updates including the beginning of mining operations in Paraguay.
The 10 MW farm in Paraguay increases total capacity to 116 MW.
The company achieved 2.3 EH/s effective January 23, 2022.
It mined 301 BTC at an average of 9.5 per day for the month, up 51 per cent YoY. It also installed 1,840 new miners with just over 47,000 expected throughout the year.
It has seven mines in production with three in development, including the Sherbrooke Bunker facility, which will be operational this quarter.
It holds 4,600 BTC in custody as of January 31, 2022.
Normal energy curtailment programs in Québec will impact production through March.
“As we execute on our growth strategy of expanding into new geographies and leveraging our presence in these regions, Paraguay is of particular strategic importance,” said Emiliano Grodzki, CEO of Bitfarms. “The first of our two South American development projects, bringing the Paraguay farm online furthers our goals of achieving 3 EH/s by the end of the first quarter of 2022 and 8 EH/s by the end of 2022.”
Bitfarms is a vertically integrated global Bitcoin mining company.
Bitfarms (BITF) is up by 7.16 per cent trading at $4.94 per share as of 1:09 pm EST.