© Reuters. Bitfarms increases Bitcoin mining in August 2022
Bitfarms, a global self-mining (BTC) company, mined 534 Bitcoins for an average of 17.2 BTC/day in August 2022 alone, up 50% from August 2021.
A press release from Bitfarms said the company was averaging over 17 BTC per day, ending the month with total production of 534 BTC, up 7% from July’s 500 BTC.
Speaking about the growth of Bitcoin mining, Ben Gagnon, Chief Mining Officer of Bitfarms, said, “Our hash rate increased to 3.9 EH/s, up 1% from the start of the month. August, and we averaged 3.8 PE/s for the month.”
The company has seen the following numbers in terms of monthly production in 2022 so far:
Commenting on the August reports, Geoff Morphy, President and COO of Bitfarms, said, “The initial segment of our first 50 megawatt (MW) warehouse in Rio Cuarto, Argentina is nearing production and will be a key contributor to achieving our goal. deliver 4.2 exahash per second (EH/s) by September 30.
Focused on the development of the Bitcoin farm project in Argentina and Paraguay, BitfarmGagnon said:
“Specifically, the first 10 MW of this warehouse is expected to be powered and begin production ahead of schedule later this month, with capacity being added incrementally throughout Q4 2022. The construction of our second 50 MW at Rio Cuarto is expected to start in September and is expected to be completed around the start of the second quarter of 2023.”
Paraguay’s President Benítez Vetoed a Bill Recognizing Cryptocurrency Mining as an Industrial Activity
Paraguay’s President Mario Abdo Benítez has vetoed a bill to recognize cryptocurrency mining as an industrial activity, as confirmed on social media. He said the high electricity consumption of mining could hamper the expansion of a sustainable national industry.
According to the document, over the past twelve months, industrial investment has increased by 220% in the country to $319 million, while GDP has increased by more than 4% over the past five years. If this rate continues, domestic industry could demand that the total amount of energy produced and available in the country remains sustainable. “If Paraguay wants to intensify crypto mining today, in the next four years, it will be forced to import electricity,” the decree says.
on the reverse
- Countries involved in supporting crypto mining are struggling to find a sustainable source of electricity.
Why You Should Care
The two countries, Argentina and Paraguay, have been chosen by the company to spearhead a large-scale BTC mining project in the coming years.
Argentina to Promote Large-Scale Bitcoin Mining
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