Bitfarms Targets 21 EH/S Capacity With New Paraguay Facility
On Wednesday, Bitfarms, a bitcoin mining enterprise listed on the U.S. stock market, announced the successful acquisition of a new site in Yguazu, Paraguay, for the development of a 100 megawatt (MW) mining facility. This strategic move is part of Bitfarms' ambitious plan to increase its mining capacity to 21 exahash per second (EH/s) by the end of the year.
Expanding in Paraguay: Bitfarms Secures Land in Yguazu
Bitfarms' recent announcement about acquiring land in Yguazu, Paraguay, reflects the ongoing trend of significant expansion in the mining sector. Many mining companies are expanding their operations and acquiring a large number of application-specific integrated circuit (ASIC) mining rigs.
Geoff Morphy, the president and CEO of Bitfarms, highlighted the advantages of the newly acquired land, stating, "The location of the land is strategically positioned near the Itaipú Dam, which is the third largest hydropower dam in the world with an installed capacity of 14 gigawatts. This proximity to abundant renewable energy resources will ensure that our new mining facility is both economically and environmentally sustainable."
Morphy further emphasized the company's commitment to environmentally friendly practices, stating, "Once Yguazu comes online, more than 85% of our mining portfolio will be powered by low-cost green energy, promoting sustainable bitcoin mining."
Future Plans: Construction and Growth
Bitfarms plans to complete the construction phase of the new facility by the latter part of 2024. This expansion is a crucial part of Bitfarms' strategy to increase its corporate hashrate to 21 EH/s by the end of 2024. The company has leveraged a purchase option agreement with Bitmain to acquire additional T21 mining rigs.
Despite experiencing an 8% decline in value over the week, Bitfarms' shares witnessed a 5% increase in value against the U.S. dollar on Wednesday. However, the 30-day data shows a loss of more than 25% in the value of BITF shares this month.
Your Opinion Matters
What are your thoughts on Bitfarms' expansion in Paraguay? Share your opinions on this subject in the comments section below.
Frequently Asked Questions
What is a Precious Metal IRA, and how can you get one?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These metals are known as “precious” because they are rare and extremely valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This allows you to receive dividends every year.
Precious metal IRAs have no paperwork or annual fees. Instead, you only pay a small percentage on your gains. Additionally, you have access to your funds at no cost whenever you need them.
Should You Buy or Sell Gold?
In times past, gold was considered a safe haven for investors in times of economic trouble. Today, many people are looking to precious metals like gold and avoiding traditional investments like bonds and stocks.
While gold prices have been rising in recent years they are still low relative to other commodities, such as silver and oil.
This could be changing, according to some experts. Experts believe that gold prices could skyrocket in the face of another global financial crisis.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
Here are some things to consider if you're considering investing in gold.
- Consider first whether you will need the money to save for retirement. It is possible to save for retirement while still investing your gold savings. That said, gold does provide an additional layer of protection when you reach retirement age.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each one offers different levels security and flexibility.
- Remember that gold is not as safe as a bank account. Losing your gold coins could result in you never being able to retrieve them.
Do your research before you buy gold. You should also ensure that you do everything you can to protect your gold.
How Does Gold Perform as an Investment?
The supply and demand for gold affect the price of gold. Interest rates also have an impact on the price of gold.
Because of their limited supply, gold prices can fluctuate. Physical gold is not always in stock.
Should You Invest in gold for Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. If you're unsure about which option to choose then consider investing in both.
In addition to being a safe investment, gold also offers potential returns. Retirees will find it an attractive investment.
Most investments have fixed returns, but gold's volatility is what makes it unique. Its value fluctuates over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. It is important to consider the fluctuations when planning your portfolio.
Another benefit to gold? It's a tangible asset. Gold can be stored more easily than stocks and bonds. It can be easily transported.
Your gold will always be accessible as long you keep it in a safe place. Additionally, physical gold does not require storage fees.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold tends to rise when the stock markets fall.
Gold investment has another advantage: You can sell it anytime. You can also liquidate your gold position at any time you need cash, just like stocks. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
Also, don't buy too much at once. Start with just a few drops. Add more as you're able.
Keep in mind that the goal is not to quickly become wealthy. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
Gold may not be the most attractive investment, but it could be a great complement to any retirement strategy.
Can the government steal your gold?
Because you have it, the government can't take it. It's yours, and you earned it by working hard. It belongs to you. There may be exceptions to this rule. For example, if you were convicted of a crime involving fraud against the federal government, you can lose your gold. Also, if you owe taxes to the IRS, you can lose your precious metals. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Hold Physical Gold in an IRA
The best way of investing in gold is to purchase shares from companies that produce gold. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. There is always the chance of them losing their money due to fluctuations of the gold price.
You can also buy gold directly. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It's also easy to see how many gold you have. You'll get a receipt showing exactly what you paid, so you'll know if any taxes were missed. You also have a lower chance of theft than stocks.
However, there are some disadvantages too. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. Finally, tax man may want to ask where you put your gold.
BullionVault.com has more information about how to buy gold in an IRA.
By: Jamie Redman
Title: Bitfarms Expands Mining Operations With New 100 MW Facility in Paraguay, Aiming for 21 EH/s Capacity by Year End
Sourced From: news.bitcoin.com/bitfarms-expands-mining-operations-with-new-100-mw-facility-in-paraguay-aiming-for-21-eh-s-capacity-by-year-end/
Published Date: Wed, 24 Jan 2024 22:00:26 +0000