Bitfarms current mining power is 1.6 EH / s over the total 157 EH / s of the Bitcoin network.
The 21,000 miners would be installed in the Sherbrooke community in Canada.
Bitfarms continues to bet on geographically distributing its bitcoin mining operations. According to recent reports, the company with miners in Argentina, Paraguay and Canada is preparing to install two mining farms in Québec, with a total capacity of 2.1 EH / s, by the end of 2022. This would double the current hashrate that the company has of 1.6 EH / s.
The announcement was made known through a press release, published by Bitfarms itself via GlobeNewsWire, this October 27. Giving details of the two new mining farms of the Canadian company.
The two farms, by names Leger and The Bunkerare expected to be installed in the second half of 2022. Leger will have a 0.8 EH / s capacity with a total of 8,000 miners. The Bunker, which will be slightly larger, will have a capacity of 1.3 EH / s with a total installation of 13,000 miners.
According to the CEO of the company himself, Emiliano Grodzki, the farms will make responsible use of renewable energies, through current contracts with companies that supply hydroelectric power within the city of Sherbrooke, where both farms will be installed.
Both farms will benefit from our existing profitable contracts that supply green hydropower at an average cost of just four cents per kilowatt hour. Like all of our other Québec farms, they will be passively cooled by the Canadian climate, reducing overall energy consumption and operating costs.
Emiliano Grodzki CEO de Bitfarms.
Bitcoin hashrate growth after China’s veto
Bitfarms, with its two new mining farms, will add 2.1 EH / s to the Bitcoin network, which, at the time of writing, is about 156 EH / s. These levels are slightly below those registered last May, standing at 182 EH / s, date on which it was known what would be China’s ban against bitcoin mining and cryptocurrencies, a fact reported by CriptoNoticias.
Taking into account that according to data from the University of Cambridge, China concentrated 70% of all the Bitcoin hashrate worldwide, after the mining veto, the hashrate fell more than 60%, positioning above 69 EH / s, at its lowest point.
After what happened, the miners migrated to different latitudes around the world, leading the United States to become the world leader in bitcoin mining, concentrated 35% of all bitcoin hashrate. Now the bitcoin hashrate is more geographically distributed than ever, making the network much more resilient against regulatory attacks.