On July 28, bitcoin mining company Bitfarms announced that it has completed the second phase of its facility expansion, adding approximately 18 megawatts (MW) of capacity. The mining facility, known as the “bunker,” has increased its computing capacity by 200 petahashes per second (PH/s) to now approximately 3.8 exahashes per second (EH/s) with the 18 MW increase.
Bitfarms adds 18 MW to its “bunker” and announces daily production has reached 16.8 bitcoins
Bitfarms Ltd. (Nasdaq: BITF) announced that the company has improved The Bunker by adding 18 MW of capacity to the facility. The company has completed Phase 2 of The Bunker, with a total of 9,450 bitcoin miners installed; The Bunker will be operational in March 2022 and Phase 3 will build out the data center. Phase 3 aims to add 3,250 miners which will add a hash rate of 325 PH/s.
For now, Phase 2 will add 200 PH/s with an increase of 18 MW, and the company claims today to manage a total of 3.8 EH/s or about 2% of the current global hash rate.” Completing Phase 2 of the bunker expansion is a strategic milestone that contributed to our hash rate growth to 3.8 exahashes per second (EH/s), up 5.5% since the beginning of July,” said Jeff Morphy, president and COO of Bitfarms, in a statement.
Morphy added:
Combined with the additional 3 MW of low-cost hydropower that came on line this month at our Washington State mining facility, our total operating capacity now stands at 158 MW. /BTC/day, up 15% from 14.6BTC/day at the end of June.
Bitcoin mining industry weathers storm, Bitfarms Exec expects “incremental increase in hash rates” to reach company’s August and year-end goals
. Bitfarms completed Phase 2 at a time when digital asset prices are much lower than they were a few months ago. Bitfarms’ Latam General Manager, Damien Polla, explained during the first week of June that the drop in the Bitcoin price constituted a challenge.” Pola said at the time that “the biggest challenge facing the sector in the short term, both in Argentina and worldwide, is the drop in the price of bitcoin, which decreases revenues and increases operating costs.
Much has been happening within the bitcoin mining sector, and network difficulty adjustments have just recently made it 5% easier to findBTCblock rewards; BTCBTCblock rewards are now 5% easier to find. Bitcoin mining operation Marathon recently secured 254 MW of power to enhance operations, and mining company Cleanspark says the crypto winter represents “unprecedented opportunity.”
In addition to The Bunker, the company’s Washington state farm just received an additional 3 MW of capacity, a facility whose low-cost hydroelectricity and stable electricity rates make it more favorable than the company’s other mining locations.
“Over the past week, we have been selectively repositioning some mining assets while continuing to bring new mines online,” Morphy added. He continued, “Due in part to a slight delay in the shipment of new mining equipment, we expect hash rates to increase more moderately and reach our target of 4 EH/s by early August. Additionally, we remain confident that we will execute our current international growth plan and reach 6 EH/s by the end of the year.”
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