Bitfarms, a bitcoin mining company, has announced the acquisition of new land and a building located in Canada to create a new bitcoin mining operation.
The facility, dubbed “Garlock”, will replace the de la Pointe phase-out and will supply 18 MW of mining power. On the construction of this new facility, Jeff Morphy, President and COO of Bitfarms, stated: Upon completion, the total planned capacity of our three Sherbrooke farms, which also includes Leger and The Bunker, will fully utilize Hydro-Sherbrooke’s contracted capacity of 96 MW.
The facility will be located in a remote area and equipped with “latest noise reduction and monitoring technologies”, as the company describes.
This is a key element of Bitfarms’ move, as the company has been criticized by those living near the de la Pointe mining operation, even after measures were taken to muffle the noise from its operation.
The total value of the investment that Bitfarms is making in this new facility is approximately 2.25 million Canadian dollars ($1,760,000) and 25,000 common share warrants, which will allow holders to purchase Bitfarms shares at a specific price.
The expansion ensures that Bitfarms keeps increasing its hash rate globally. The company is currently building a bitcoin mega farm in Argentina, which will allow the company to increase its mining capacity by 210 MW upon completion.
The forecast says that this facility will accommodate 55,000 miners with a very attractive energy price of 2.2 cents per kilowatt-hour, according to Emiliano Grodsky, CEO of Bitfarms.