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Published January 27, 20242 min read

Bitfarms at the Forefront: Web3 Industry Impact and Global Cryptocurrency Advancement

CoinMooner Team

Our team at Coinmooner, in our latest news article, wants to highlight information about Bitfarms, a company involved in blockchain infrastructure and cryptocurrency mining in North America. Bitfarms owns and operates server farms primarily focused on validating Bitcoin transactions, earning rewards for blocks and transaction fees. Additionally, the company provides electrical power services to commercial and residential clients in Quebec, Canada, and offers hosting for third-party mining equipment. Founded in 2017, the headquarters is in Toronto, Canada.

Currently, the company has announced the acquisition of land in Paraguay, where they plan to establish a new mining complex with a capacity of 100 MW. The land is located in the city of Iguazu, near the Itaipu Dam, the world's third-largest hydroelectric power station with a capacity of 14 gigawatts. This information is exciting for the cryptocurrency community as such steps contribute to increasing mining efficiency, improving overall infrastructure, and fostering a positive attitude towards cryptocurrencies globally.

It's important to note that this news may appeal to environmental advocates since placing the mining complex near a hydroelectric power station helps reduce the environmental impact of Bitcoin mining. The use of clean energy helps mitigate the negative environmental effects associated with cryptocurrency operations, potentially easing criticism regarding the ecological aspects of cryptocurrency activities.

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The Coinmooner team also wants to highlight that in April of last year, Bitfarms successfully obtained all the necessary permits to use electricity for expanding its production to 100 MW at its facility in Argentina. It's worth noting that this mining farm is located in the city of Rio Cuarto.

Furthermore, these actions are of interest to the Paraguayan state itself. Investments in the development of the mining complex could serve as an incentive for improving local infrastructure, creating new jobs, and bringing economic benefits to the entire region. As of the 2015 estimate, Paraguay has a population of 7 million people, with an average income of around $333 per month. Increased activity in the cryptocurrency sector and related technologies could contribute to economic growth, attracting investments, and boosting income.

The Coinmooner team is convinced that such development will have a positive impact on the entire Web3 industry and contribute to the global advancement of cryptocurrencies. We also urge our readers to always verify current information from reliable sources, preferably comparing it with several sources. In the rapidly evolving Web3 industry, it is particularly important to stay informed about the latest trends and ensure the secure protection of your finances to minimize the risk of loss.

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