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Bitfarms Secures Contracts for Up to 150 MW of Hydropower in Paraguay

Bitfarms Ltd. (NASDAQ: BITF//TSX: BITF), a global vertically integrated Bitcoin mining company, has acquired two Power Purchase Agreements (PPAs) in Paraguay for up to 150 MW of eco-friendly hydropower. The PPAs include up to 50 MW in Villarrica, near Bitfarms' existing operations in Paraguay, and up to 100 MW in Yguazu, a new location near the third largest hydroelectric dam in the world, Itaipu. The hydropower at both locations will be provided at a contracted cost of around 3.9 cents per kWh, before VAT, and is not subject to annual inflationary adjustments.

Geoff Morphy, CEO of Bitfarms, stated that the company is seeking to broaden their geographical presence and optimize global, underutilized power resources as they approach the next Bitcoin halving. He added that Paraguay has access to an abundance of surplus renewable power, and Bitfarms' acquisitions of the sustainable energy contracts will broaden their foothold in the resource-rich country.

Construction of a sub-station is scheduled to begin in Q3 2023 at Villarrica, followed by the building of a second mining facility. At Yguazu, Bitfarms has the opportunity to develop a new farm with up to 100 MW of mining capacity, with timeline yet to be determined. Bitfarms currently has 11 farms located in four countries: Canada, the United States, Paraguay, and Argentina, which are powered by predominantly environmentally friendly hydro-electric and long-term power contracts.

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