Bitfarms Secures Contracts in Paraguay for Up to 150 MW of Hydropower

By Robb M. Stewart

Bitcoin mining company Bitfarms bought two power-purchase agreements in Paraguay for up to 150 megawatts of hydropower.

The agreements cover up to 50 MW in Villarrica, near the company's existing operations in Paraguay, and up to 100 MW in Yguazu, a new location close to the Itaipu dam, Bitfarms said Wednesday.

"As we approach the next Bitcoin halving, we are seeking to drive growth by leveraging our farm design expertise and drawing upon our operational experience to broaden our geographical presence and optimize global, underutilized power resources," Chief Executive Geoff Morphy said.

The company said construction at Villarrica is scheduled to begin in the third quarter of the year, beginning with a sub-station followed by building out a second mining facility, while at Yguazu Bitfarms has the opportunity to develop a new farm with up to 100 MW of mining capacity.

The power agreements come after Bitfarms earlier this month closed the acquisition of its newest farm in Baie-Comeau, Quebec, and started production at the site.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 19, 2023 07:28 ET (11:28 GMT)

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