Bitfarms Ltd. has adopted a shareholder rights plan to protect the integrity of its ongoing Strategic Alternatives Review Process. This plan was unanimously approved by the Board and involves issuing rights to shareholders to prevent unwanted takeovers. Riot Platforms Inc., which owns 11.62% of Bitfarms, made an unsolicited bid to acquire all shares and plans […]
Bitcoin News
Bitfarms Sees 42% Revenue Drop in May Post-Bitcoin Halving
Bitfarms, a Bitcoin mining firm, reported a 42% drop in crypto mining revenue in May, the first full month following the Bitcoin halving in mid-April, which reduced their Bitcoin production from 263 BTC in April to 156 BTC in May. The company attributed part of the decline in production to “unusually cold temperatures” at its […]
Bitcoin News
Riot Proposes Acquisition of Bitfarms to ‘Create the World’s Largest Publicly Listed Bitcoin Miner’
Riot Platforms has announced a proposal to acquire Bitfarms to create “the world’s largest publicly listed bitcoin miner.” This offer includes cash and Riot stock, representing a 24% premium. Despite the initial rejection from Bitfarms’ Board, the proposal will be directly presented to shareholders. Riot asserts that the acquisition will establish a vertically integrated, geographically […]
Bitcoin News
Latam Insights: El Salvador Embraces Geothermal Bitcoin Mining, Bitfarms Expands Its Capacity in Paraguay
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: El Salvador produced nearly 474 bitcoin using geothermal energy, Bitfarms expanded the capacity of its Paraguayan bitcoin mining facility, and Bitso launched an in-house Web3 wallet. El Salvador Reportedly Mined Nearly 474 BTC […]
Bitcoin News
Bitfarms Terminates CEO Geoffrey Morphy, Faces $27 Million Lawsuit
Bitfarms Ltd., a global bitcoin mining company, has announced the immediate termination of Geoffrey Morphy as president and CEO, along with his removal as a director. Following his dismissal, Morphy filed a lawsuit against the company, seeking million in damages for alleged breach of contract and wrongful dismissal. Bitfarms is set to defend against […]
Bitcoin News
Bitcoin Miner Bitfarms Enhances Paraguay Facility With New 100 MW Hydropower Deal
On Tuesday, bitcoin mining company Bitfarms, listed on the Nasdaq and Toronto Stock Exchange (TSX), announced it has secured an additional 100 megawatts (MW) of power from Paraguay’s state-owned utility firm, ANDE. The 100 MW is anticipated to double the capacity of the hydro-powered Yguazu site and should be fully operational by 2025. Bitfarms to […]
Bitcoin News
Latam Insights: Argentina’s Milei States Dollarization Is Close, Bitfarms Expands In Paraguay
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentine President Javier Milei reiterates dollarization is near, Bitfarms announces a new site in Paraguay, and El Salvador approves a soy-backed token issuance.
Argentina’s Milei Talks Dollarization Again
Javier Milei, president of Argentina, has referred to the possible dollarization of the Argentine economy again. In an interview with CNN anchor Patricia Janiot, Milei stated that the dollarization process was still part of the goals of his administration, but that he had to start healing the economy due to the state in which he received the country.
Milei explained:
We bought 5 billion dollars and in Argentina, the monetary base is 7.5 billion dollars. We are very close to being able to dollarize.
Milei advertised the shutdown of the central bank and the elimination of the national fiat currency as a key part of his government during his presidential campaign. Recently, he has been pushing for reforms to diminish the size and influence of the state in several affairs, having issued an emergency executive order (currently under the scrutiny of national courts) and sending an omnibus law to Congress to this end.
Bitfarms Announces Expansion in Paraguay
Bitfarms, a Nasdaq-listed cryptocurrency mining company, announced the expansion of its operations in Paraguay. The company reported having secured land near the Itaipú Dam, one of the largest hydroelectric energy reservoirs in South America and the world. The land will be hosting a 100MW new mining site to be completed later this year.
Geoff Morphy, president and CEO of Bitfarms, stated:
Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally.
Furthermore, Morphy added that with this new facility, 85% of the portfolio of the company’s operations will be powered by “low-cost green energy that promotes environmentally sustainable bitcoin mining.”
El Salvador Authorizes Soy-Backed Token Issuance
The National Digital Assets Commission of El Salvador authorized the issuance of ESOY, a token backed by soybeans, being the country’s first private tokenized asset issuance. 7.6 million tokens that will be available for 60 months were issued, with each ESOY token being backed by a bushel of soy grains, according to the site of E-grains, the company behind this issuance.
The commission stated that this “opens the doors to private issuances after the historic milestone of the Volcano Bond, the first issuance approved on December 11, 2023.” 0 million of these instruments were issued on January 18.
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Bitfarms Expands Mining Operations With New 100 MW Facility in Paraguay, Aiming for 21 EH/s Capacity by Year End
On Wednesday, Bitfarms, a bitcoin mining enterprise listed on the U.S. stock market, revealed the successful acquisition of a new site in Yguazu, Paraguay, earmarked for a 100 megawatt (MW) mining facility. This development is part of Bitfarms’ ambitious plan to escalate its capacity to 21 exahash per second (EH/s) by year’s end.
Bitfarms Targets 21 EH/S Capacity With New Paraguay Facility
The announcement by Bitfarms (Nasdaq: BITF) about securing land in Yguazu, Paraguay, aligns with the current trend of significant expansion observed in the mining sector. This period has seen numerous mining corporations extend their operations and procure an extensive array of tens of thousands of application-specific integrated circuit (ASIC) mining rigs.
“The newly acquired land is located in the heart of Paraguay near the Itaipú Dam, the third largest hydropower dam in the world with 14 gigawatts of installed capacity,” Geoff Morphy the president and CEO of Bitfarms remarked on Wednesday. “Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally.”
Morphy added:
Once Yguazu comes online, over 85% of our portfolio will be powered by low-cost green energy that promotes environmentally sustainable bitcoin mining.
Bitfarms anticipates completing the construction phase by the latter part of 2024. This growth is a key component of Bitfarms’ strategy to boost its corporate hashrate to 21 EH/s by the close of 2024, leveraging a purchase option agreement with Bitmain for additional T21 mining rigs. On Wednesday, BITF shares witnessed a 5% increase in value against the U.S. dollar, yet the stock has experienced an 8% decline over the week. Additionally, 30-day data reveals a loss exceeding 25% in BITF shares’ value this month.
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Hydro Expansion: Bitfarms Begins 50 MW Bitcoin Mining Farm Buildout in Paraguay
Bitfarms Ltd. has started development on a new 50-megawatt (MW) Bitcoin mining facility in Paraguay, the company announced on August 7, 2023. The farm will be located in Paso Pe near Bitfarms’ existing mining operations in Villarrica and is expected to be fully operational in the first quarter of 2024.
Bitfarms to Pioneer Hydro-Cooled Mining in Paraguay With New 50 MW Facility; Prepares for 2024 Bitcoin Halving
The announcement comes just weeks after Bitfarms (Nasdaq: BITF) secured 150 MW of hydropower contracts in Paraguay. According to Bitfarms CEO Geoff Morphy, the company chose Paraguay for expansion due to low building costs and fast construction timelines.
“Achieving high operating efficiencies while minimizing capex is an overarching goal in our global growth strategy heading into next year’s halving,” said Morphy. “Based on our experience in the jurisdiction, Paraguay affords both low building costs and fast time to completion.”
The new facility will consist of a 50 MW substation, a 30 MW air-cooled warehouse, and 20 MW of hydro-cooled mining containers from Microbt. Bitfarms will install 1,920 of Microbt’s new M53S+ miners in the containers, which are specially designed for immersion cooling.
The miners and infrastructure are being purchased entirely with vendor credits, significantly reducing Bitfarms’ cash outlay. According to Bitfarms Chief Mining Officer Ben Gagnon, the M53S+ miners will produce 675 PH/s at an efficiency of 28.5 W/TH, making them some of the most efficient miners in Bitfarms’ fleet.
This marks Bitfarms’ first foray into hydro-cooled mining, a technology that Gagnon says has the potential to be less expensive than traditional immersion cooling. The company believes rapid expansion in Paraguay highlights Bitfarms’ strategy of pursuing low-cost power sources to improve profitability, especially heading into the Bitcoin halving in 2024.
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Latam Insights — Argentina Reaches IMF Agreement, Bitfarms to Open New Mining Operations in Paraguay
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, Argentina reached a new agreement with the International Monetary Fund (IMF), Bitfarms will open two bitcoin mining farms in Paraguay, and Venezuela is now accepting MIR card payments.
Argentina Reaches New Disbursement Agreement With the IMF
Argentina has reached a new agreement with the International Monetary Fund (IMF) to accelerate the delivery of resources during this year. According to Economy Minister Sergio Massa, this new deal includes the disbursement of funds to Argentina in August and November, allowing the embattled nation to replenish its reserves at least for this year. While Massa declined to mention specific numbers, he stated these payments were able to fulfill the country’s expectations.
Also, Massa declared this agreement reinforces the ability of the Central Bank of Argentina to intervene and balance its internal exchange system. The bank had been reducing foreign currency sales to importers as its reserves touched historic lows.
Massa explained:
From now on, you have a Central Bank that does not have a dilemma to make payments and you have less pressure on financial dollars that influence price remarking.
Bitfarms to Launch Two Bitcoin Mining Farms in Paraguay
Bitfarms, a Nasdaq-listed Bitcoin mining company, announced that it had secured two power purchasing agreements in Paraguay to build two new Bitcoin mining operations in the country. The company acquired up to 50 MW of power in Villarrica and 100 MW in Iguazu. The power contracted has a hydroelectrical origin to ensure the new sites will operate using renewables.
Geoff Morphy, CEO of Bitfarms, declared:
Paraguay has access to an abundance of surplus renewable power, and these acquisitions secure valuable, yet limited, sustainable energy contracts while broadening our foothold in a resource-rich country.
Villarrica’s site construction is slated to start in Q3 2023, while a construction timeline for Iguazu hasn’t been determined yet.
Venezuela Starts Processing MIR Card Payments
Russian Ambassador to Caracas Sergey Melik-Bagdasarov informed that Venezuela was already processing payments from Russian MIR cards. The pioneer spot for this adoption move is located on the eastern island of Margarita, a tourist location.
Melik-Bagdasarov stated:
The start of [Mir card] payments has already begun on Margarita Island, which is ready to host and is accommodating Russian tourists.
The ambassador stated that while Mir payments were also being tested in Caracas, the Venezuelan capital, there were still technical issues to be addressed. The Venezuelan government announced it was working on this integration in June.
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