Bitcoin Miners & Holders Double Down Despite Bear Market Downturn

Publicly listed bitcoin miner BitFarms has started production at the first of two 50-megawatt (MW) warehouses under development in Argentina, according to a press release. The company's announcement came as its stock, listed on the Nasdaq, traded above $1.20, down nearly half from $2.30 last month.

With the initial startup, 10 MW of capacity has been added, increasing the total corporate capacity to 176 MW, with the company reporting a milestone hashrate exceeding 4 ExHash per second (EH/s). With an increase of 10 MW in the following months, BitFarms CEO Geoff Murphy said he hopes to reach the 50 MW target by the end of the year.