Bitfarms mines 3,000 bitcoins in 2021, plans to enter Paraguay, then Argentina
RIO DE JANEIRO, BRAZIL – “We expect to begin initial production in Paraguay by the end of the year,” Bitfarms stated. The company previously reported that the plant will operate with 3,000 devices. Later, in 2022, it will begin operating in Argentina, where it expects to have 55,000 miners at its new plant in the province of Córdoba.
Founded in 2007 in Quebec, Canada, Bitfarms was the first bitcoin mining company to start trading on the Canadian stock exchange in Ontario in 2019. This year it also began trading on Nasdaq, United States. Under the code BITF, its stock trades at US$7.24 on the U.S. exchange and CAD$9.22 on the Canadian exchange, according to Ínvesting data.
BITFARMS MINES 11 BITCOINS PER DAY IN 2021
In the release, the company reported that throughout 2021 it has been mining around 11 bitcoins per day, equivalent to over US$600,000 every 24 hours. So far this year, the company has mined a total of 3,000 bitcoins, i.e. US$170 million.
A bitcoin is currently quoted at US$56,000, according to CryptoNews calculator. Although part of this profit is spent on mining costs, the largest of which is electric power, prompting its expansion to Argentina and Paraguay for having less expensive electricity.
Specifically, Paraguay is the Latin American country (other than Venezuela) with the cheapest energy, according to a report by Arcane Research. This has prompted several bitcoin mining companies to take an interest in expanding to this country. A recent example of this is Future Fintech.
Key Facts
— Deep Dive
— For the complete picture, read our in-depth guide: Paraguay: Washington's Most Valued Ally in Latin America
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