Bitfarms (BITF), the Canadian crypto miner, is constructing two new production facilities in Sherbrooke, Québec, that are slated to be completed in two phases next year, adding 78 megawatts of total capacity.
The construction is scheduled to be completed in phases during the first and second quarters of 2022 and will accommodate about 21,000 new miners, according to a statement.
The miner will use its existing hydropower contracts at an average cost of four cents per kilowatt hour and help with the company’s goals of achieving 3 EH/s mining power by the end of the first quarter of 2022,and 8 EH/s by the end of 2022.
Bitfarms currently has five fully operational farms, and this project expands new farms under construction from two to four, the company said.
On Oct. 4, the miner said it increased its hashrate, or computing power, to over 1.6 EH/s through the expansion of operations at its Cowansville, Québec, facility and by installing 450 new Bitmain S19j Pro miners.
The shares of the miner were down 6% on Wednesday but have risen roughly 169% this year.
With bitcoin’s price cooling off from its recent all-time high, shares of crypto miners, which are the most exposed to the largest cryptocurrency, have been giving up some of their recent gains.