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

Bitfarms Ltd. announced that it has acquired two Power Purchase Agreements in Paraguay for up to 150 MW of eco-friendly hydropower: up to 50 MW in Villarrica, in close proximity to the Company’s existing operations in Paraguay, and up to 100 MW in Yguazu, a new location close to the Itaipu dam, the third largest hydroelectric dam in the world.

“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,” said Geoff Morphy, CEO of Bitfarms. “Paraguay has access to an abundance of surplus renewable power, and these acquisitions secure valuable, yet limited, sustainable energy contracts while broadening our foothold in a resource-rich country.”

At Villarrica, construction is scheduled to commence in Q3 2023 beginning with a sub-station followed by building out a second mining facility. At Yguazu, Bitfarms has the opportunity to develop a new farm with up to 100 MW of mining capacity, the timeline for which is being determined. Hydropower at both locations will be provided at a contracted cost of approximately 3.9 cents per kWh, before VAT, and is not subject to annual inflationary adjustments.

Source: Bitfarms Ltd. media announcement