Bitfarms Releases April Mining Report
Bitfarms Highlights for April 2022:
- Paraguay’s production is at 6MW
- Working on building several additional farms
- Achieved milestone of surpassing 3.0 EH/s hash rate
- Bitfarms accounts for a 1.3% share of global hash rate market
Bitfarms recently released its April mining report with a review of the last quarter of 2021, and an eye on future advancements. The report announced that the company is focused on expanding and bringing on several additional farms in multiple locations.
The company also surpassed its initial 2021 goal of reaching a hash rate of 3.0 EH/s. The new hash rate is responsible for achieving a 1.3% market share of the global Bitcoin hash rate.
New Facility & Miners
The company credits the hash rate increase to the rebuilding of its Cowansville farm as well as the addition of its first farm in Washington state. The addition of the Washington farm brings the total count to eight different farm locations including Villarrica, Paraguay, and Quebec, Canada.
The company plans on closing the de la Pointe facility upon reaching a specific milestone, and the property will be sold in an agreement with the city. In total, Bitfarms has developed 8 farms in the last 4 years, showcasing a large amount of growth and demand in the field. The mining company is looking forward to continuing that growth and scaling operations into 2022 and 2023.
Bitfarms is considering to build four facilities in Argentina. The company revealed its business plan for 2022 and predicts that 7.2 EH will be achieved by the end of the year. With the addition of these new facilities and additional expansion opportunities, Bitfarms hopes to reach 8 EH by the end of 2022.