Bitcoin mining company Bitfarms has announced plans to expand operations in Paraguay after securing two power purchase agreements for hydropower capacity. The agreements will provide up to 150 megawatts of renewable energy. Bitfarms will begin construction in Villarica in the first quarter of 2023 and has the opportunity to build a new farm in Yguazu. The company currently operates 11 farms in Canada, the United States, Paraguay, and Argentina. The price per kilowatt hour for both locations will be $0.039 before value-added tax and won’t be adjusted for inflation.
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