Bitfarms Ltd. (BITF) stock prices were up by 4.09% as of the market closing on October 18th 2021. This brought the price per share up to USD$5.60. Subsequent premarket fluctuations have seen the stock rise by 1.61%, bringing it up to USD$5.69.
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Argentina Mining Facility
October 7th 2021 saw BITF stock announce the signing of engineering, procurement, and construction (EPC) contracts. Accordingly, construction has been initiated for a production facility in Argentina. The company announced in April of 2021 that this facility would be expected to generate an additional 210 megawatts (MW) of infrastructure capacity in 2022. This additional infrastructure capacity will boast a contracted rate of USD 2.2 cents per kilowatt hour with electricity that will be provided by a private power company. The new high production facility in Argentina is expected to accommodate more than 55,000 miners upon completion, thereby greatly expanding the company’s capacity and global footprint.
Building on Success
In conjunction with the expansion in Quebec, Canada and the company’s planned build-out in Paraguay, BITF stock is adequately situated to achieve its corporate target of 8 exahash per second by the end of the 2022 year. The Argentina facility is planned to produce Bitcoin using power at the attractive rate of just US 2.2 cents per kilowatt hour. This will serve to reduce the company’s already low cost of mining Bitcoin. By leveraging their expertise and corporate infrastructure, the company hopes to facilitate its strategy to grow faster and more efficiently by mining Bitcoin with improved profit margins.
BITF Stock’s Additional Developments
Proyectos y Obras Americanas S.A. (PROA) has been partnered with by BITF stock to provide engineering, procurement, and construction services for the Argentina facility. The partnering company has a background in utility grade electrical infrastructure and civil construction for nearly 6 decades. Its relevant expertise includes the design and construction of electrical interconnections, high voltage electrical lines, and transformers. These are required for operations of the size of the planned Argentina facility. The company has also engaged Dreicon S.A as an independent engineering firm to oversee construction, quality control, and project milestones for the company’s projected buildout schedule.
Future Outlook for BITF Stock
BITF stock is poised to capitalize on the expanded scope of opportunities afforded to it as a result of its recent development of mining facilities. The company is keen to push for the accelerated completion of these facilities so it can take advantage of the burgeoning crypto market space. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate consistent and organic increases in shareholder value over the long term.