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. Mining facility dubbed ‘The Bunker’ now boasts around 3.8 exahash per second (EH/s), after the 18 MW boost boosted computing power by 200 petahash per second (PH/s) .
Bitfarms Adds 18MW to ‘The Bunker’, Company Says Daily Production Hits 16.8 Bitcoin
Bitfarms Ltd. (Nasdaq: BITF) announced that the company had upgraded The Bunker by adding 18 MW of capacity to the facility. The company has completed Phase 2 of building The Bunker and there are a total of 9,450 bitcoin miners installed. The bunker began operations in March 2022 and phase 3 will see the construction of the data center. Phase 3 aims to add 3,250 more miners to the facility, which will add 325 PH/s of hashrate.
For now, Phase 2 was an 18 MW boost that added 200 PH/s to the operation, and the company claims to be running a total of 3.8 PE/s today, or about 2% of the hashrate. current world. “The completion of Phase 2 of The Bunker’s expansion is a strategic step that has helped push our hash rate to 3.8 exahash per second (EH/s), up 5.5% from report in early July,” said Geoff Morphy, president and COO of Bitfarms. A declaration.
Morphy added:
With an additional 3 MW of low-cost hydro that came online this month at our mining facility in Washington State, our total operating capacity is now 158 MW. Significantly, our higher hash rate has increased our current output to 16.8 BTC/day, a 15% increase from 14.6 BTC/ day at the end of June.
Bitcoin mining industry weathers storm, Bitfarms Exec expects ‘gradual hash rate increase’ to meet company’s August and year-end targets
Bitfarms completing Phase 2 come at a time when digital asset prices are much lower than they were a few months ago. Damian Polla, Managing Director of Bitfarm Latam Explain during the first week of June, that falling bitcoin prices pose a challenge. “The biggest challenge facing the sector in the short term, both in Argentina and globally, is the falling bitcoin price, which is reducing revenue and increasing operating costs,” Polla said at the time. .
A lot has happened in bitcoin mining and the network difficulty adjustment recently made it 5% easier to find BTC block rewards. Bitcoin Marathon mining operation recently secured 254 MW of power to improve operations and mining company Cleanspark says the crypto winter has shown “unprecedented opportunities.”
In addition to The Bunker, the company’s Washington State farms just got an additional 3 MW of capacity, and low-cost hydropower and stable electricity rates give the facility an edge over other mining sites of the company.
“Last week, we selectively redeployed some mining assets while continuing to bring new miners online,” Morphy added. “Coupled with slight delays in receiving new mining shipments, the net effect is that we expect to experience a more gradual increase in our hashrate and achieve our 4 PE/s target in early August. Moreover, we remain confident in the execution of our current international growth plan and in reaching 6 PE/s by the end of the year.
What do you think of Bitfarms expanding The Bunker and harvesting 16.8 bitcoins per day? Let us know what you think about this topic in the comments section below.
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