Bitfarms (BITF), a Bitcoin miner, has secured two power purchase agreements in Paraguay to add up to 150 megawatts (MW) of hydropower capacity. According to CEO Geoff Morphy, Paraguay has access to an abundance of surplus renewable power, and these acquisitions secure valuable, yet limited, sustainable energy contracts while broadening our foothold in a resource-rich country.
One of the deals, worth up to 50 MW, is located in Villarrica, close to where Bitfarms already has operations. The second deal, worth up to 100MW, is located in Yguazu, close to the Itaipu hydroelectric power plant. Bitfarms plans to start the construction in Villarrica in the first quarter of 2023, with the construction of a substation first and a mining facility later. In Yguazu, the company has the opportunity to build a new farm of up to 100 MW, although the starting date has yet to be determined. The price per kilowatt hour (kWh) will be $0.039 before value-added tax and won’t be adjusted for inflation.
Bitfarms currently has 11 farms, which are located in Canada, the United States, Paraguay and Argentina. In May, the company announced that it accelerated its stated timeframe for reaching 6 exahash/second (EH/s) of computing power by the end of the third quarter, and its per-share loss narrowed significantly on a quarter-by-quarter basis.