Bitfarms signs 150MW hydropower contract in Paraguay

Mining company Bitfarms has reportedly signed two power purchase agreements (PPAs) in Paraguay to buy up to 150 MW of eco-friendly hydropower: up to 50 MW in Villarrica, adjacent to the company’s existing operations; up to 100 MW in Yguazu, near the Itaipu dam, the third largest hydroelectric dam in the world.

Construction of the Villarrica project is scheduled to begin in the third quarter of 2023, with construction of a substation followed by a second mining facility. In Yguazu, Bitfarms has the opportunity to develop a new mine with a mining capacity of up to 100 MW, the specific timetable is being determined. The hydroelectric contract costs for the two sites are approximately 3.9 cents per kWh (excluding VAT) and is not subject to annual inflation adjustments.