Bitfarms purchases land in Paraguay for new 100MW production facility

Bitfarms announces that it has completed the purchase of land for its new 100 MW production facility in Yguazu, Paraguay. “This transaction, an important step in our recently announced transformative fleet upgrade, expands our LATAM portfolio with low-cost renewable hydropower,” said Geoff Morphy, President and CEO of Bitfarms. “The newly acquired land is located in the heart of Paraguay near the Itaipu Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity. Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally. Once Yguazu comes online, over 85% of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining.”