Business

Bitfarms doubles Yguazu power capacity with additional 100 MW of hydropower

Bitfarms doubles Yguazu power capacity with additional 100 MW of hydropower

Bitfarms Ltd. has secured an additional 100 MW of hydropower at its Yguazu site through an amendment to the existing 100 MW power purchase agreement (PPA) with the Paraguay state-owned utility, ANDE.

Bitfarms is a Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and onsite technical repair centers.

This PPA amendment doubles capacity at this site to 200 MW, with scheduled deployment for 2025. This sustainable hydropower will be provided at a contractual low cost of about 3.9 cents per kWh, before VAT, and is not subject to annual inflationary adjustments.

Construction at Yguazu began in March with the signed purchase agreements for major long-lead equipment and significant contracts, including the engineering procurement and construction contract for the high-voltage interconnection to the ANDE substation and transmission line. Changes to construction plans and equipment orders to accommodate the incremental 100 MW are under way.

“The additional 100 MW provides a low-cost growth path for the first half of 2025 without impacting our 2024 21 EH/s [exahash per second] target which remains on schedule,” said Ben Gagnon, chief mining officer, Bitfarms. “Growing Yguazu to 200 MW is expected to increase our 2025 megawatts under management by 23% from 428 MW to 528 MW. Importantly this expansion takes advantage of our existing construction plan, amortizing development costs over a broader infrastructure base and driving down overall costs per megawatt.”

Bitfarms has 11 Bitcoin mining facilities and two under development in four countries: Canada, the U.S., Paraguay and Argentina. Powered predominantly by environmentally friendly hydroelectric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure, according to a release.