Share this article
Bitcoin Miner Bitfarms Expands Operations in Paraguay After Securing 2 Hydropower Contracts
The company will be able to add up to 150 megawatts of energy capacity through the two agreements.
Updated Jul 19, 2023, 4:30 p.m. Published Jul 19, 2023, 4:30 p.m.
Bitcoin miner Bitfarms (BITF) has secured two power purchase agreements in Paraguay to add up to 150 megawatts (MW) of hydropower capacity.
Bitfarms said on Wednesday that one deal, worth up to 50 MW, is located in Villarrica, close to where Bitfarms already has operations, while the second deal, worth up to 100MW, is located in Yguazu, close to the Itaipu hydroelectric power plant.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“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,” Geoff Morphy, CEO of Bitfarms, said in a statement.
Bitfarms plans to start the construction in Villarica in the first quarter of 2023, with the construction of a substation first and a mining facility later. In Yguazu, on the other hand, the company has the opportunity to build a new farm of up to 100 MW, although the starting date has yet to be determined.
In both locations, Bitfarms said the price per kilowatt hour (kWh) will be $0.039 before value-added tax and wouldn’t be adjusted for inflation.
In May, Bitfarms announced that it accelerated its stated timeframe for reaching 6 exahash/second (EH/s) of computing power by the end of the third quarter, and its per-share loss narrowed significantly on a quarter-by-quarter basis.
Bitfarms currently has 11 farms, which are located in Canada, the United States, Paraguay and Argentina.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
Top Stories
