Bitfarms secures two hydropower contracts in Paraguay

Bitfarms ( NASDAQ: BITF ) has expanded its bitcoin ( BTC-USD ) mining operations in Paraguay after securing two power purchase deals in the country, it said Wednesday. One agreement, worth up to 50 megawatts of eco-friendly hydropower, is located in Villarrica, which is in close proximity to the company's existing operations. The other deal includes up to 100 MW in Yguazu, a new location close to the Itaipu dam, the third largest hydroelectric dam in the world. “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,” Bitfarms CEO Geoff Morphy said in a statement. Construction at Villarrica is expected to start in Q3, beginning with a sub-station followed by developing a second mining facility. The timeline for building out a new farm at the Yguazu location is still being determined. More on Bitfarms: Bitfarms closes acquisition of farm Baie-Comeau Bitfarms mining capacity drops 16% M/M in June, 385 BTC mined Bitfarms: World-Class Bitcoin Mining Company That Falls Short In Scale