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Bitfarms Expands Bitcoin Mining Operations in Paraguay

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Bitcoin mining company Bitfarms has recently acquired two power-purchase agreements in Paraguay, allowing them access to up to 150 megawatts of hydropower. These agreements cover 50 MW in Villarrica, which is near Bitfarms’ existing operations in Paraguay, and 100 MW in Yguazu, a new location close to the Itaipu dam.

Bitfarms’ CEO, Geoff Morphy, stated, “As we approach the next Bitcoin halving, we are seeking to drive growth by leveraging our farm design expertise and drawing upon our operational experience to broaden our geographical presence and optimize global, underutilized power resources.”

Construction is set to begin at Villarrica in the third quarter of this year. The initial phase will involve the development of a sub-station, followed by the construction of a second mining facility. In addition, Bitfarms has the opportunity to establish a new farm at Yguazu with a mining capacity of up to 100 MW.

These power agreements come after Bitfarms recently completed the acquisition of their newest farm in Baie-Comeau, Quebec. Production has already begun at this site.

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