Fun

Bitfarms Worried About The Fall In Bitcoin Prices Amidst Its Investment Plan in Latam

News Feed - 2022-06-06 03:06:27

Bitfarms Worried About The Fall In Bitcoin Prices Amidst Its Investment Plan in Latam


Bitfarms, a global bitcoin mining company, has told that the price of bitcoin, above all other elements, is one of the most important factors for the future of the industry. Damián Polla, Bitfarm’s Latam General Manager, stated that countries like Argentina, where Bitfarms is currency building a bitcoin mega-mining center, were a very good destiny for bitcoin mining companies due to different factors. Falling Bitcoin Prices Constitute a Challenge


Bitcoin mining companies are starting to feel the effects of the deceleration of the price of bitcoin in crypto markets. The company has declared that the fall of bitcoin prices, above all elements, is the most important problem that miners are facing right now. This has affected the company directly due to its holdings, taking its valuation from a unicorn status to a sub $500 million currently.


In an interview given to local media, Damian Polla, Bitfarm’s Latam General Manager, stated:


The biggest challenge facing the sector in the short term, both in Argentina and globally, is the fall in the price of bitcoin, which reduces revenues and increases operating costs.


Polla also considered this fall in prices as proof of the advance of the cryptocurrency market, which he qualified as being “mainstream” in global markets due to its correlation with other traditional equity indexes. Bitfarms in Argentina


The company, which has a quota of 1.5% of the global Bitcoin hashrate, has made important investments in Argentina and Paraguay. The company is currently building a Bitcoin mega farm in Argentina, that will be designed to host 55K miners with a power capacity of 210 megawatts. While other companies in the country are executing layoffs as a plan to resist the announced upcoming economic phase, Bitfarms is currently generating 200 jobs with the construction of the mentioned mining facility.


Polla revealed the factors that had made Bitfarms put its investment in the country instead of taking them elsewhere. He explained:


Argentina is a very good destination for an investment of this type because it offers competitive energy prices, quality human resources, and a very active cryptocurrency ecosystem. Despite the economic ups and downs, the crypto ecosystem in Argentina is a leader in the region.


While the company is not currently planning new investments in the area, Polla explained that Bitfarms is always evaluating new opportunities in Argentina, Latam, and even the U.S. Tags in this story Argentina, Bitcoin, Bitfarms, Crypto, Damian Polla, Hashrate, Paraguay, Price


What do you think about Bitfarms’ opinion on the challenges of the mining sector? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Ethereum"s Hashrate Surpasses Lifetime High as The Merge Gets Closer MINING | 2 days ago New York Bill That Aims to Establish a Bitcoin Mining Moratorium Awaits Governor Hochul"s Signature MINING | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleKim Dotcom Says ‘US Is Beyond Bankrupt,’ Digital Entrepreneur Predicts a ‘Controlled Demolition of Global Markets’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Prashant Jha46 minutes agoHong Kong crypto VC opens $100M fund for Asian blockchain startupsThe “Titan Fund” has already made five investments in different blockchain startups, with two going toward Hong Kong-based p
SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme
SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme The U.S. Securities and Exchange Commission (SEC) has filed an emergency action against Miami-based in
Police Set New UK Record Seizing £180 Million Worth of Cryptocurrency
Police Set New UK Record Seizing £180 Million Worth of Cryptocurrency Britain’s Metropolitan Police have seized a staggering £180 million in cryptoc
Crypto startup launches tokenized US Treasury bonds on Bitcoin layer-2s
Derek Andersen2 hours agoCrypto startup launches tokenized US Treasury bonds on Bitcoin layer-2sThe new tokenized assets offer the stability of the Bitcoin network with admirable yield.2833 Total views1 Total sharesListe
Vitalik Buterin warns of politicians claiming to be ‘pro-crypto’
Turner Wright5 hours agoVitalik Buterin warns of politicians claiming to be ‘pro-crypto’The Ethereum co-founder said he had observed the Russian government espousing crypto while acting as an authoritarian regime.760
SUI Hype Grows As Price Action Points To A Rally: $4 Level In Focus
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin miner Riot Platforms miss estimates with wider Q2 loss
Brayden Lindrea8 hours agoBitcoin miner Riot Platforms miss estimates with wider Q2 lossRiot managed to increase its revenue from Bitcoin mining despite reporting a staggering 340% increase in costs to mine a Bitcoin.48
Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors
Indian Police Arrest 11 People in Cryptocurrency Scheme Defrauding 2,000 Investors Indian police have arrested 11 people so far in connection with a fraudulent cryptocurrency schem
Ukraine’s Tascombank Pilots Stellar-based E-hryvnia
Ukraine’s Tascombank Pilots Stellar-based E-hryvnia Tascombank, one of the oldest banking institutions in Ukraine, has completed the pilot testing of a digital currency based on
Bitcoin ETF inflows hit $562M as BTC price eyes new ATH
Prashant Jha13 hours agoBitcoin ETF inflows hit $562M as BTC price eyes new ATHBitcoin ETFs see over half a billion dollars in net inflows, outpacing the current market supply of Bitcoin 10 times.7404 Total views17 Total
US Treasury to Monitor Libra Over Possible Financial Risks
The U.S. Department of the Treasury has committed to monitoring the Facebook-led cryptocurrency project Libra. The news was announced by Emanuel Cleaver, II, congressman for Miss
Zhiyuan Sun9 hours agoCoinbase to upsize debt repurchase by $30MThe exchange will repurchase a total of $180 million in 2031 senior notes.1687 Total views29 Total sharesListen to article 0:00NewsJoin us on social network