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Bitfarms purchases land in Canada to establish a new mining facility

Bitfarms, a corporate actor in the bitcoin mining industry, has announced a new land and facility acquisition in Canada. The bought site is in Sherbrooke, Quebec, and will be used to replace one of the corporation’s existing facilities in the nation, according to a news statement released by the company.

Bitfarms new mining facility in Canada

Bitfarms, a Bitcoin mining startup, has announced the purchase of fresh land and a building in Canada to develop a new bitcoin mining operation. The unit, named “Garlock,” will act as a successor for the de la Pointe complex, supplying 18 MW of electricity for mining operations.

 

Bitfarms’ total investment in this new location is around $2.25 million and 25,000 shares outstanding purchase warrants, which will allow holders to acquire Bitfarms shares at a predetermined price.

 

According to Emiliano Grodzki, CEO of Bitfarms, this facility will be able to host 55,000 miners at a very favourable price of energy of 2.2 cents per kilowatt-hour.

The corporation is also spending a lot of money to get the equipment that will power these new sites. 

 

Bitfarms released a new financing deal with Blockfi in February that will provide them with access to up to $32 million in capital to continue acquiring mining equipment. This money will be used to acquire 6,100 Bitmain S19j Pros, one of the company’s newest units.

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