In news that was first reported by Bloomberg and later republished by the Buenos Aires Times, Argentinian miners are reaping the benefits of ultra-low electricity rates and the resurgence of capital controls.
Nicolas Bourbon, an Argentina-based crypto miner, views the recent market brouhaha as an opportunity to benefit from the new policies implemented by the local government. He said:
Mining farms target Argentina
As reported by BTC PEERS, some China-based BTC miners have put up their mining rigs for sale. Others are laying down plans to migrate to more crypto-friendly regions.
Canadian mining firm Bitfarm Ltd appears to be the first targeting Argentina. The firm has inked a power purchase deal with a private Argentinian power producer. The agreement will allow the firm to deploy 55,000 machines and mine for cryptocurrencies in Patagonia in 2022. The contract is expected to last for eight years and carries an effective cost of 0.022 per kilowatt/hour.
Commenting on the partnership, Bitfarms’ President Geoffrey Morphy said:
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Source: Cryptocurrency - investing.com
