According to the business, the finished U.S. facilities would produce 3.7 Bitcoin each day at the cost of around $4,000 per BTC.
Following the purchase of a property piece in Washington State, Canadian Bitcoin mining startup Bitfarms plans to develop its first data center in the United States.
Bitfarms said on Nov. 11 that it planned to set up mining facilities in the United States capable of 620 petahashes per second, employing 6,200 Bitmain machines powered entirely by hydroelectric energy. The company has already invested $26 million in a 24-megawatt hydropower plant in Washington but aims to grow to 99 megawatts by establishing more farms in the area.
The company picked Washington because of its “cost-effective electricity” and production rates, according to Bitfarms CEO Emiliano Grodzki. The company now has a total mining capacity of 106 MW with the addition of the 24 MW data center, but estimates the completed facilities will be able to produce 3.7 Bitcoin (BTC) per day at the cost of around $4,000 per BTC — at the current BTC price of $65,000, this would mean roughly $183,000 in profit daily.
Even though many people are concerned about the possible environmental effect of cryptocurrency mining, Bitfarms maintains that its facilities in Canada are nearly exclusively powered by hydroelectric electricity. In addition, Bitfarms has quadrupled its monthly crypto mining output between January and July, mining 199 BTC and 400 BTC, respectively, perhaps as a result of China’s crackdown on miners.
According to the mining company, it presently operates or is developing ten farms in nations like the United States, Argentina, and Canada. Bitfarms claims to have a mining capacity of 82 MW @ 1.8 exahashes per second at writing.