Bitfarms, a corporate player in the bitcoin mining world, has announced a new acquisition of land and a facility in Canada. The purchased land is located in Sherbrooke, Quebec, and according to a press release issued by the company, it will serve to replace one of the other facilities the company has in the country.
Bitfarms to Replace Bitcoin Mining Facility in Canada
Bitfarms, a company dedicated to mining Bitcoin, has announced the acquisition of new land and a building located in Canada to establish a new bitcoin mining facility. The facility, which has been called “Garlock,” will serve as a replacement for phasing out the de la Pointe facility, and it will supply 18 MW of power for conducting mining operations. On the construction of this new facility, Geoff Morphy, president and COO of Bitfarms, stated:When completed, the total planned capacity of our three Sherbrooke farms, which also include Leger and The Bunker, will fully utilize Hydro-Sherbrooke’s contracted power of 96 MW.The new facility will be located in a remote area, and will be equipped with “the latest in sound reduction and monitoring technology.” This is a key element for the Bitfarms relocation, as the company has been criticized by those living adjacent to the de la Pointe mining facility, even after taking measures to dampen the sound coming from its operation. The total price of the investment Bitfarms is putting into this new facility is around C$2.25 million ($1,760,000) and 25,000 common share purchase warrants, that will allow holders to purchase Bitfarms shares at a certain price point.
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