Bitfarms: the Argentine crypto giant has revealed how many bitcoins it mines every day

Bitcoin (BTC) miners in Argentina harness subsidized energy to make big profits: Bitfarms, which has already achieved unicorn status by reaching a valuation of $ 1 billion in August 2021, has optimized its mining operations since cryptocurrencies on an increasingly exponential growth spurt.

After unveiling its financial results, fintech revealed that it has generated $ 42 million in revenue through its operations and more exceeded 3.0 Exahash (EH / s) per second of computational performance.

Based on these data, from Bitfarms they highlighted that their hash rate, or the number of computational operations that a mining network is able to perform at a given time, has grown to 3.4 EH / s, which represents approximately a 1.5% market share.

The company also explained that it was about mining up to 961 BTC at an average cost of $ 8,700 per BTCwhich demonstrates the momentum that continues to be achieved to this day.

Currently, its daily production is around 14.5 BTC per daywhich, according to current prices, is equivalent to approx $ 435,000 in daily earnings.

Furthermore, the company managed to install more than 10,500 mining pools in this periodand continued to roll out up to 5,900 additional new miners in April alone, adding over 590 PH / s per second for hash rate power.

In the calendar year, compared to the last result, the new report records a growth of 36% compared to December 31, 2021.

Bitfarms is looking for 200 new employees

While other companies in the country are carrying out layoffs as a plan to withstand the announced economic phase that is coming, Bitfarms is currently generating 200 jobs with the construction of the aforementioned mining facility.

The company recently made major investments in Argentina. Currently, it is building a Mega bitcoin farm in Argentinawhich will be designed to accommodate 55,000 mining equipment with a power of 210 megawatts.

“The biggest challenge facing the sector in the short term, both in Argentina and globally, is the drop in the price of bitcoin, which reduces revenues and increases operating costs,” he considered. Damiano Pollageneral manager for Latin America of Bitfarms (BITF), the company founded by the Argentines Emiliano Grodzki and Nicolás Bonta, based in Canada.

In an interview with Bloomberg linethe executive assured that “despite the economic ups and downs, the crypto ecosystem in Argentina is a leader in the region, with a large number of fintechs”.

Furthermore, he assured that, despite the increase in tariffs, the country “is an excellent destination for an investment of this type because it offers competitive energy prices, quality human resources and a very active cryptocurrency ecosystem”.

SL