Bitfarms locks in power cost at 2.1 cents per kWh fixed rate at Rio Cuarto

Bitfarms has entered into a prepaid contract with its Argentinian private power producer to receive power at Rio Cuarto at the rate of 2.1 cents per kWh plus VAT for the months November 2023 through April 2024, which benefits from seasonally lower natural gas prices in Argentina. “With Argentina currently contributing 23% of our global hashrate, this 6-month fixed price agreement will significantly lower our blended cost of power,” said Geoff Morphy, President and CEO of Bitfarms. “By comparison, in Q3 2023 our all-in cost of power at Rio Cuarto was slightly over 3.2 cents per kWh, and in October 2023, which was our first month operating that facility at full capacity, our all-in cost was 2.2 cents per kWh. Accordingly, with lower power costs at Rio Cuarto over the next 6 months, we expect the average cost of power at our Argentine operations in its first year to be around 2.5 cents per kWh plus taxes, driving down our corporate average cost of power for the full year.”