Bitfarms, owner and operator of Québec blockchain farms, announced Thursday that it will establish several new computing centres in Sherbrooke, later this year.
This comes as part of a $250 million investment from Blockchain Mining Ltd. and will allow Bitfarms to quadruple its computing power while increasing its Quebec workforce from 80 to 330 employees.
Bitfarms offers computing power to cryptocurrency networks such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Dash (DASH) earning fees from each network for securing and processing transactions.
Bitfarms has entered into six hydropower purchasing agreements with Hydro-Sherbrooke, totaling 98 MW. The Company plans to use surplus power when electricity consumption falls by engaging in load-shedding during peak winter heating periods upon request Hydro-Sherbrooke.
Sherbrooke Mayor Steve Lussier said Bitfarms moving in would bring economic benefits to the entire the entire city.