Bitcoin News

Bitfarms Signs a Deal That Cuts Bitcoin Mining Power Costs in Half





Blockchain infrastructure company Bitfarms said it has signed a beneficial mining deal in South America, with a lower power cost that they said ‘revives’ older mining machines and cuts the electricity costs in half. Bitfarms, which provides computing power to cryptocurrency networks such as Bitcoin (BTC) and operates five computing centers in Canada, has signed a non-binding memorandum of understanding with a private energy producer, thanks to which the company will be provided with up to 200 MW of electricity capacity in an unnamed country in South America without any deposits or any purchase commitments – and the direct price of the electricity will average 2 US cents per kWh, said the press release. This low power cost is particularly significant when discussing the use of older mining machines, in comparison to switching to the newer models. “At 2 cents per kWh, even the previous generation Bitmain S9 mining rig produces approximately the same gross mining margin before amortization costs as the newer Bitmain S17+ at 4 cents per kWh under current Bitcoin mining market conditions,” argued Emiliano Grodzki, Interim CEO of Bitfarms. He added that this comparison shows “the significant competitive advantage that results from having access to a large amount of low-cost power.”Under this latest agreement, the first 60 MW of power will be provided from an existing power plant “which allows for a low incremental cost of electrical infrastructure required to be made by the Company,” said the announcement. Bitfarms is also in discussions with local engineering and project management firms, in order to develop the cost estimates of initial capital investment to operationalize this first 60 MW of mining infrastructure. Bitfarm’s average cost of electricity to mine a BTC during the second fiscal quarter of 2020 was USD 5,075, while under the terms of this agreement and the prevailing conditions, the cost “would have been about half which would be about USD 2,538 per bitcoin before amortization of infrastructure costs,” said Grodzki. He added that “this would make Bitfarms one of the most low-cost Bitcoin miners in the world.”Meanwhile, it is difficult to find the latest average electricity prices for a country, especially when the prices vary from state to state or region to region, such is the case in the US and China. Looking at the average electricity rates for the industrial sector, we find that in the US in 2019 this number was 6.83 cents per kilowatt hour (kWh), per statista.com. Also per Statista, electricity prices for industries with an annual consumption of 20,000 to 70,000 MWh in the European Union in 2019 were highest in Cyprus at 15.28 euro cents/kWh, followed by the United Kingdom’s 13.24 euro cents/KwH, while Luxembourg had the lowest electricity price for industries, at 4.46 euro cents/kWh. As for South America, Bnamericas report found that in 2019, for business users who consume 50,000kWh a month, the most expensive was Panama with 23.

All data is taken from the source:
Article Link:

#electricity #newsheadlines #newstodaycnn #newstodaydonaldtrump #cnnnewstoday #newstodaylocal #newstoday

source

33 comments

  1. Hakorede_hacks01 on ïnsta AS NO COMPETITION THEY’RE THE BEST AND FAST RISING HACKERS IN THE UNITED STATE OF AMERICA 🇺🇸 …

    Reply
  2. I JUST RE-OPENED MY PAWN STORE AFTER I GOT 2BTC CREDITED INTO MY WALLET AFTER DEALING WITH HAKOREDE_HACKS01 on !NSTA ..

    Reply
  3. Bitcoin has exchange a moderately close to $2,000 territory in the course in months after a dismissal in the 12,000 locale. The moderate value activities in the main digital currency additionally comes as heritage market, for example S&P 500 and value metals, have gone through some stagnation. Fortunately for bulls, it was recently affirmed that a long haul up turn signal Just as of late affirmed that ought to show more potential gain is to come. The sign was last framed in 2014, preceding the bull pattern that took Bitcoin to $20,000 from the hundred. I've thought about Bitcoin trading, for more than 3months now and I arrived at resolution a month ago to exchange Bitcoin after loads of examination on the advanced resource I reached resolution today exchange Bitcoin has I follow the rules of hackerbedford who's system is a chief in crypto space and I can verify that with the sign he accomodates everyday exchange I have ammased over 8.4BTC altogether in only 3 weeks of exchanging he's still prepared to instruct more understudies you can reach him on telegram at (hackerbedford)

    Reply
  4. Wow hackerjhope on telegram save my life with he's legitimate software😁😁😁

    Reply
  5. Wow hackerjhope on telegram save my life with he's legitimate software😁😁😁

    Reply
  6. Wow hackerjhope on telegram save my life with he's legitimate software😁😁😁

    Reply
  7. Yes yes hackerMarlian on Telegram is the best so far🙏❤️🙏

    Reply
  8. Yes yes hackerMarlian on Telegram is the best so far🙏❤️🙏

    Reply
  9. Yes yes hackerMarlian on Telegram is the best so far🙏❤️🙏

    Reply
  10. Yes yes hackerMarlian on Telegram is the best so far🙏❤️🙏

    Reply
  11. Yes yes hackerMarlian on Telegram is the best so far🙏❤️🙏

    Reply
  12. तार पर zabirhacks की मदद से मैंने एक नया घर खरीदा, मुझे आश्चर्य हुआ कि मुझे लगा कि यह घोटाला है जब तक मैंने इसकी पुष्टि नहीं की😭😭😭

    Reply
  13. Despite all I have been through I never imagine I could meet up with a real hacker 😟 I decided to take the risk after seeing lot of appreciation about hackerjuan on telegram for his great work in many people's life ..I'm happy I could also testify with the 5btc I generated from him also

    Reply
  14. it has been so hard to live for over 6month of lock down due to covid 19 my family hardly eat 3 meal daily😭 till I was Introduced to meet up with this talk of the people called hackerjuan on telegram I was so scared to risk the little we live on ..but due to lots of convince🥺🥺..I took the risk and now all my family are happy with the 6btc we Generate from him 😭🙏

    Reply
  15. it has been so hard to live for over 6month of lock down due to covid 19 my family hardly eat 3 meal daily😭 till I was Introduced to meet up with this talk of the people called hackerjuan on telegram I was so scared to risk the little we live on ..but due to lots of convince🥺🥺..I took the risk and now all my family are happy with the 6btc we Generate from him 😭🙏

    Reply
  16. I shed 😭 tears when I confirmed 2btc from hackerMarlian on Telegram 🙏❤️🙏

    Reply
  17. I shed 😭 tears when I confirmed 2btc from hackerMarlian on Telegram 🙏❤️🙏

    Reply
  18. I shed 😭 tears when I confirmed 2btc from hackerMarlian on Telegram 🙏❤️🙏

    Reply
  19. I shed 😭 tears when I confirmed 2btc from hackerMarlian on Telegram 🙏❤️🙏

    Reply
  20. I shed 😭 tears when I confirmed 2btc from hackerMarlian on Telegram 🙏❤️🙏

    Reply
  21. I shed 😭 tears when I confirmed 2btc from hackerMarlian on Telegram 🙏❤️🙏

    Reply
  22. Wow hackerMarlian on Telegram save my life thank you sir 1btc🙏❤️🙏

    Reply
  23. Wow hackerMarlian on Telegram save my life thank you sir 1btc🙏❤️🙏

    Reply
  24. Wow hackerMarlian on Telegram save my life thank you sir 1btc🙏❤️🙏

    Reply
  25. Wow hackerMarlian on Telegram save my life thank you sir 1btc🙏❤️🙏

    Reply
  26. 😔 it real hard to survive but since I met hackerMarlian on Telegram my life changed with 1btc thanks sir 🙏❤️🙏🥰

    Reply
  27. 😔 it real hard to survive but since I met hackerMarlian on Telegram my life changed with 1btc thanks sir 🙏❤️🙏🥰

    Reply
  28. 😔 it real hard to survive but since I met hackerMarlian on Telegram my life changed with 1btc thanks sir 🙏❤️🙏🥰

    Reply
  29. 😔 it real hard to survive but since I met hackerMarlian on Telegram my life changed with 1btc thanks sir 🙏❤️🙏🥰

    Reply
  30. Wow😻he is really a genius hackerMarlian on Telegram I just confirmed 3btc from him 💯

    Reply
  31. Wow😻he is really a genius hackerMarlian on Telegram I just confirmed 3btc from him 💯

    Reply
  32. Wow😻he is really a genius hackerMarlian on Telegram I just confirmed 3btc from him 💯

    Reply
  33. Wow😻he is really a genius hackerMarlian on Telegram I just confirmed 3btc from him 💯

    Reply

Have your say