On July 28, Bitcoin mining company Bitfarms announced the completion of the second phase of its facility expansion, adding approximately 18 megawatts (MW) of capacity to operations. After the 18 MW increase boosted computing power to 200 petahash per second (PH/s), the mining facility known as the “bunker” now has about 3.8 exahash per second (EH/s).
Bitfarms adds 18 megawatts to ‘The Bunker,’ says daily production hits 16.8 bitcoins
Bitfarms Ltd. (NASDAQ: BITF) announced that it has improved The Bunker by adding 18 megawatts of capacity. The company completed the second phase of the construction of The Bunker, with a total of 9,450 bitcoin miners installed. Bunker will begin operations in March 2022, with the third phase of the data center being built. The third phase aims to add an additional 3,250 miners to the facility, which will increase the hash rate by 325 PH/s.
Currently, Phase 2 has added 18 MW, adding 200 PH/s to operations, and the company claims it currently manages a total hashrate of 3.8 EH/s, or about 2% of the current global hashrate. Geoff Morphy, president and chief operating officer of Bitfarms, said in a statement.
Together with another 3 megawatts of low-cost hydro that came online this month at our mining facility in Washington state, our total operating capacity is now 158 megawatts. Notably, with our higher hash rate, our current production has increased to 16.8 BTC/day, a 15% increase from 14.6 BTC/day at the end of June.
Bitcoin mining industry weathers storm, Bitfarms Exec expects ‘gradual increase in hash rate’ to meet company’s August and year-end targets
Bitfarms completed its second phase at a time when digital asset prices were much lower than they were a few months ago. Damian Polla, Bitfarm’s general manager for Latin America, explained in the first week of June that falling bitcoin prices posed a challenge. “The biggest challenge facing the industry in the short term, both in Argentina and globally, is the fall in the price of bitcoin, which reduces revenue and increases operating costs,” Pola said at the time.
A lot has happened in the Bitcoin mining industry, and a recent difficulty adjustment to the network has reduced the difficulty of finding BTC block rewards by 5%. Bitcoin mining firm Marathon recently secured 254 megawatts of power to bolster operations, and mining firm Cleanspark says crypto winter has shown “unprecedented opportunities.”
In addition to The Bunker, the company’s Washington state farm just received 3 megawatts of additional capacity, and low-cost hydro and stable electricity prices give the facility an edge over the company’s other mining farms.
“We have been selectively redeploying some mining assets over the past week while continuing to bring new miners online,” Morphy added. “Combined with a slight delay in receiving new miners, the end result is that we expect our hash rate to gradually increase and reach our 4 EH/s target in early August. Additionally, we remain confident in executing current international Growth plans and achieve 6 EH/s by the end of the year.”
What do you think of Bitfarms scaling The Bunker and harvesting 16.8 BTC per day? Let us know what you think about this topic in the comments section below.
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