Benzinga | Oct 4, 2021 07:08AM EDT

Bitfarms Expands Qubec Mining Operations With 13 Megawatts Of Hydro Power And Exceeds 1.6 EH/s Corporate Hashrate

Bitfarms Ltd. (NASDAQ:BITF, TSXV:BITF), a Bitcoin mining company increased its corporate hashrate to over 1.6 Exahash per second (EH/s) through the expansion of operations at its Cowansville, Qu?bec, facility and the installation of 450 newly arrived Bitmain S19j Pro miners.

"Bitfarms is committed to developing the cost-effective infrastructure to support the 55,000 new generation Bitcoin mining machines scheduled to be delivered between now and the end of 2022," said Emiliano Grodzki, CEO of Bitfarms. "As Bitfarms upgrades its miner fleet and existing facilities while expanding into new geographies, we will continue to increase our ability to produce Bitcoin with greater efficiency across decentralized operations. Cowansville broadens our footprint in Canada and marks our first new capacity build-out in Qu?bec in 2021. This is one of many projects that excite us about our growth opportunities and supports our goal of achieving 3 EH/s by the end of first quarter of 2022 and 8 EH/s by the end of 2022."

The Cowansville expansion is a completely new 17 MW facility, which replaces Bitfarms first Bitcoin mining facility of 4 MW constructed in 2017. Leveraging 4 years of experience, design, and engineering advances, this facility is expected to generate greater operating efficiencies, more robust capabilities, better controls, and lower sound emissions.

Hydro Qu?bec has commenced delivering power to the facility, effective as of October 1, 2021. The expansion increases Bitfarms' operational mining infrastructure in Qu?bec approximately 19% to 82 MW. Through the redeployment of existing miners and the installation of an additional 450 Bitmain S19j Pro miners, Bitfarms has increased the corporate hashrate from approximately 1.5 EH/s to approximately 1.6 EH/s.