Argentine legislators are concerned about the activities of the Bitfarms mining center – Bits Media

Argentine legislators require disclosure of information about the construction of the Bitfarms mining center and its compliance with government requirements.

In April, mining company Bitfarms signed an agreement with an Argentine electricity supplier to consumption up to 210 MW for its new mining center. but, according to local media, MP Martin Berhongarai (Martín Berhongaray) introduced the resolution, according to which the Ministry of Science, technology and industrial innovation in Argentina, Ministry of Environment and Sustainable Development of Argentina, as well as the country's Ministry of Economy must disclose information about the installation of this facility.

Berhongarai demands, for the government to report, what are the terms of the deal, and does Bitfarms have the necessary permissions from government agencies to consume electricity?, received through a wholesale electricity market agent. He is also interested, will there be a government subsidy for the consumption of electricity used?, and, if so, then what are the sources of its financing and on what basis it should be provided.

Legislators are confused by the fact, that the location of the mining center is still a “mystery” to the public. Only recently it became clear, that the facility will be located in a rural area. Bitfarms management reported, that the contract with the energy supplier in Argentina was concluded for 8 years old. During the first four years, the cost of electricity for Bitfarms will be $0.022 per kWh. According to the company's statement, 210 MW will be sufficient to support approx. 55 000 New generation ASIC miners.

Bitfarms President Geoffrey Morphy (Geoffrey Morphy) added, that thanks to cheap electricity, which will be available to the company for several years, Bitfarms will be able to make its business more profitable and viable in the short term. Recall, that in the second quarter 2021 year, Bitfarms revenue increased to $36.7 million, Having increased on 396% compared to the same quarter last year.