Bitfarms initiates deployment plan for 50MW of hydropower in Paraguay

Bitfarms has initiated its first phase of development for its recently acquired 150 MW hydropower contracts in Paraguay announced July 19, 2023. Bitfarms will be building a new 50 MW farm at Paso Pe, Paraguay, which is located in close proximity to its Villarrica, Paraguay facility, and it expects its new farm to be fully commissioned at 50 MW in Q1 2024. “Achieving high operating efficiencies while minimizing capex is an overarching goal in our global growth strategy heading into next year’s halving. Based on our experience in the jurisdiction, Paraguay affords both low building costs and fast time to completion,” said Geoff Morphy, CEO of Bitfarms. “We will construct a 50 MW substation to power a 30 MW air-cooled warehouse and install 20 MW of containers specifically built for MicroBT M53S+ hydro-cooled miners, all of which are being purchased with vendor credits. These credits significantly reduce our overall cash outlay and will leverage cash-on-cash returns.”