On July 28, bitcoin mining company Bitfarms announced the completion of the second phase of its facility expansion, adding approximately 18 megawatts (MW) of capacity to the operation. The mine dubbed “The Bunker” now has around 3.8 exahash per second (EH / s), after the 18 MW increase increased its computing power by 200 petahash per second (PH / s).
Bitfarms adds 18 MW to “The Bunker”, the company claims daily production reaches 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 construction of The Bunker and a total of 9,450 bitcoin miners have been installed. The Bunker began operations in March 2022 and Phase 3 will see the data center built. Phase 3 aims to add another 3,250 miners to the facility which will add 325 PH / s of hashrate.
For now, Phase 2 has been an 18 MW increase which added 200 PH / s to the operation and the company claims to manage a total of 3.8 EH / s today, which is around 2% of the current global hashrate. . “The completion of Phase 2 of The Bunker expansion is a strategic milestone that has helped grow our hashrate at 3.8 exahash per second (EH / s), up 5.5% since the start of July, “said Geoff Morphy, president and COO of Bitfarms in a statement.
Along with an additional 3 MW of low-cost hydropower that went into operation this month at our Washington state mining facility, our total operating capacity is now 158 MW. Significantly, with our highest hashrate came an increase in our current production to 16.8 BTC / day, a 15% increase from 14.6 BTC / day at the end of June.
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Bitfarms that complete Phase 2 come at a time when digital asset prices are much lower than they were a few months ago. Damian Polla, general manager of Bitfarm Latam, explained during the first week of June that the drop in bitcoin prices poses a challenge. “The biggest challenge facing the sector in the short term, both in Argentina and globally, is the drop in the price of bitcoin, which reduces revenues and increases operating costs,” Polla said at the time.
A lot has happened in the bitcoin mining industry, and the network difficulty adjustment has recently made it 5% easier to find rewards for BTC blocks. Bitcoin mining operation Marathon recently secured 254 MW of power to improve operations, and mining company Cleanspark says the cryptocurrency winter has shown “unprecedented opportunities.”
In addition to The Bunker, the company’s Washington state farms just got another 3 MW of capacity, and the low-cost hydropower and stable electricity rates give the facility an edge over the company’s other mining sites. .
“Last week, we selectively redeployed some mineral resources, continuing to bring new miners online,” Morphy added. “Coupled with slight delays in receiving new mining shipments, the net effect is that we expect a more gradual increase in our hashrate and will reach our target of 4 EH / s in early August. Furthermore, we remain confident in the execution of the our current international growth plan and reaching 6 EH / s by the end of the year “.
What do you think of Bitfarms expanding The Bunker and collecting 16.8 bitcoins per day? Let us know what you think about this topic in the comments section below.
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