Bitfarms Hashrate Hits 4 EH/s After Building Argentina Farm

Bitfarms Hashrate Hits 4 EH/s After Building Argentina Farm
  • NASDAQ-listed Bitfarms has reached its 4 Exahashes/second (EH/s) milestone after starting its Argentina operations.
  • Bitfarms will launch its second bitcoin mining farm possibly by Q2 2023.
  • Meanwhile, Bitcoin has crashed alongside stocks and precious metals and is trading at $18,705.60.

Bitfarms, a bitcoin (BTC) mining company that is publicly listed on NASDAQ, has achieved its 4 Exahashes/second (EH/s) milestone. This achievement occurred after the company started its mining operations in Rio Cuarto, Argentina.

According to the company’s press release, the newest Argentina farm is its 10th site. The achievement came amid BTC suffering another crash. At the time of writing, BTC is changing hands at $18,705.60, according to CoinGecko. This is a 24-hour and 7-day loss of 5.9% and 13.9%, respectively.

Regardless, Bitfarms aims to further expand its operations and increase its BTC mining capacity. Geoff Murphy, COO and President of Bitfarms, revealed that they are also constructing a second mining facility right next to the first one in Rio Cuarto.

Murphy said:

Additionally, adjacent to the first facility, we commenced construction at our second 50 MW warehouse, which we continue to expect to complete around the beginning of Q2 2023.

Bitfarms describes itself as a global vertically integrated bitcoin mining firm. Headquartered in Canada, Bitfarms operates in at least four countries in the world, namely Canada, the US, Paraguay, and Argentina. The bitcoin mining firm is also listed on NASDAQ and the Toronto Stock Exchange (TSXV).

In other news, rising interest rates from the US Federal Reserve have caused the global economy to experience further uncertainty anew as stocks, precious metals (gold, silver, etc.) and other financial markets are in the red. 

Given that Bitcoin’s price has been correlating with these markets since 2021, this may also be the primary reason for the crypto market’s weekend crash.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.