Bitfarms to install 3,000 circuits in Paraguay to mine Bitcoin with hydroelectric power

A new mining farm with over 3,000 application-specific integrated circuits (ASICs) to process Bitcoin transactions will be installed in Paraguay by December 2021, at an undisclosed location.

RIO DE JANEIRO, BRAZIL - According to a press release by Canada-based mining farm operator Bitfarms, the signing of an agreement with power providers in Paraguay would result in the deployment of the equipment in the country.

The contract will run for 5 years, renewable annually, and will give Bitfarms access to 10 MW of hydroelectric power at a price of US$0.036 per kilowatt per hour (kw/h).

The 3,000 circuits would total 150 Petahash per second (ph/s) of power or capacity to mine Bitcoin, the company states in its release.

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