Bitfarms, which is known to be one of the biggest crypto mining company in the world, has been developing its mega mining project in Cordoba, Argentina. The mining company is expecting the completion of the project in the upcoming year i.e. 2022. The project is going to be installed with the partnership of Bitfarms and an Argentinian company who is carrying out the task of developing a power project on the same site. Under the business arrangement, the power will be provided directly from the power plants to the mining machines.
It was in the last month when Bitfarms made a disclosure informing its newest mining facility which is under-construction. Bitfarms informed that its new expansion project will be installed across the borders in Cordoba, Argentina. The project is going to be huge and one of its kind project, claimed Bitfarms. Bitfarms is of the view that there hasn’t been any other mining farm in Argentina which is as huge as that of Bitfarms.
Though the project’s announcement was made last month yet the location of the farm was not disclosed deliberately. It was said that the location will be apprised this month.
For the purposes of developing such a huge mining project, Bitfarms had entered into a partnership with an Argentinian company namely “Albanesi”. Albanesi is a group of companies whose primary business is power production. There has been a number of power plants in Argentina which have been established by Albanesi.
As regards the details of the upcoming mining farm, Bitfarms told that the farm will have 210 MW electricity available at all times. It was revealed that the project will house mining farm as well as a power plant. Bitfarms will be looking at the affairs of mining while Albanesi will develop power plant and produce electricity. The electricity would then be used directly by the mining facility at cheap rates. Most importantly, Bitfarms would not need to obtain electricity from the national grid.
It is expected that the construction work will be completed by the year 2022. The operations of the farm will also start in the same year, said Bitfarms.
Both the partner companies are optimistic about the combined project. Damian Polla, who is the GM of Bitfarms said that with the completion of mining farm, there will be about 500 job openings. When the activities of the farm will become operation, then the facility will require 100 more employees to run the project. He also stated that the project is purely a private project between two private parties. There is zero involvement from the government side. Bitfarms will do the job of mining while Albanesi will produce electricity and sell the same to Bitfarms directly. So there will be zero electricity taken from the government nor the electricity will come from the local grid.