Top BTC Miner Acquires Canadian Real Estate For Mining Purposes

Today, one of the top miners globally, Bitfarms, officially revealed that it has now had a new real estate in Canada for its BTC mining operations. Part of the announcement states that the company plans to replace one of its previous mining centers in Canada with this new one situated at Sherbrooke, Quebec.

Creating A New BTC Mining Center

The announcement further stated that the new facility will be known as ‘Garlock’ and will replace the De La Pointe center, which will be phased out gradually. Also, the new facility will provide 18MW of mining power in addition to the company’s mining operations.

Commenting on the new center, Bitfarms’ top-level executive, Geoff Murphy, said, “by the time this new facility is completed, all our Sherbrooke-located centers (Garlock, Leger and the Bunker) will make full use of all the 96MW allocated to us from the hydro-Sherbrooke power company.”

The announcement also stated that the new center would be remotely located, equipped with modern monitoring and sound reduction technology. This factor is one vital reason for the relocation of this center. Most of the neighbors around the De La Pointe facility had lodged several complaints about the level of sound coming from the mining center.

Even though Bitfarms made efforts to reduce the sound, the neighbors kept complaining. Bitfarms is expected to spend approximately 2.26m CAD (or $1.77m) to set up this facility. However, its investors will also have access to 25K common share purchase warrants so that they can own Bitfarms shares in the nearest future.

Bitfarms Is Making More Expansion Efforts

The top mining firm continues to make efforts to enhance its global hashrate. As of this writing, Bitfarms’ mega-mining center in argentian is close to completion and is expected to supply 220MW mining power when it starts operation. A statement credited to the company’s CEO and founder reveals that the plan is for the mining facility in Argentina to cater to more than 60K miners and supply them electricity at the rate of 2.1 centers per kWh.

Bitfarms is also making a huge investment into security systems that can protect these modern pieces of equipment from hackers and thieves. Last month, Bitfarms revealed a new collaboration with BlockFi, which will enable it to access more than $30m to purchase mining rigs. At that time, Bitfarms announced that it would use all these funds to purchase 6,250 Bitmain S19j Pro (the latest version released by the company manufacturing them). 

Bitcoin Mining Difficulty Drops 

Two weeks ago, BTC mining difficulty dropped by nearly 1.7% after six successive increments, pushing it to about 27.56 trillion. However, processing power has surged since the previous adjustment.

After the last difficulty adjustment, the BTC hashrate has spiked by nearly 16%. On March 2, it climbed to 169 EH/s following a 33% increase. The BTC processing power is about 219.01 EH/s and has consistently stayed above the 200 EH/s level since March 4. Some crypto analysts opined that BTC’s global hashrate would reach 328 EH/s before this year is over.

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