Bitfarms Acquires New Site in Paraguay for 100MW Mining Facility

Bitfarms, a bitcoin mining enterprise listed on the U.S. stock market, has announced the successful acquisition of a new site in Yguazu, Paraguay. The company plans to build a 100 megawatt (MW) mining facility at this location as part of its ambitious goal to increase its capacity to 21 exahash per second (EH/s) by the end of the year.

Bitfarms Expands Capacity with New Paraguay Facility

The recent announcement by Bitfarms (Nasdaq: BITF) aligns with the ongoing trend of significant expansion in the mining sector. Many mining corporations have been expanding their operations and acquiring a large number of application-specific integrated circuit (ASIC) mining rigs.

The newly acquired land in Yguazu, Paraguay, is strategically located near the Itaipú Dam, the world's third-largest hydropower dam with an installed capacity of 14 gigawatts. Geoff Morphy, the president and CEO of Bitfarms, stated that the location will allow them to benefit from the region's abundant renewable energy resources, making the facility economically and environmentally sustainable.

Morphy further emphasized the company's commitment to environmentally sustainable bitcoin mining, stating that once the Yguazu facility is operational, over 85% of their portfolio will be powered by low-cost green energy.

Bitfarms aims to complete the construction of the Paraguay facility by the end of 2024. This expansion is a crucial part of their strategy to increase their corporate hashrate to 21 EH/s by the end of 2024. The company has a purchase option agreement with Bitmain to acquire additional T21 mining rigs.

Following the announcement, BITF shares experienced a 5% increase in value against the U.S. dollar. However, the stock has seen an overall decline of 8% over the week, with a 30-day loss exceeding 25% in value this month.

What are your thoughts on Bitfarms' expansion in Paraguay? Let us know in the comments below.

Frequently Asked Questions

How do I open a Precious Metal IRA

An IRA to hold precious metals can be opened by opening a Roth Individual Retirement Account (IRA) that is self-directed.

This type of account is better than other types of IRAs because you don't have to pay any taxes on the interest you earn from your investments until you withdraw them.

This makes it appealing to those who want to both save money and get a tax cut.

You are not limited to investing in gold or silver. You can invest in whatever you like, provided it conforms to IRS guidelines.

Although most people think of gold and silver when they hear the term “precious metal,” there are many kinds of precious metals.

Examples include platinum, palladium and rhodium.

You have many options to invest in precious metals. There are two main options: buying bullion bars and coins, and purchasing shares in mining companies.

Bullion Coins & Bars

One of the most straightforward ways to invest is to buy bullion coin and bars. Bullion is a general term that describes physical ounces, or physical gold and silver.

Bullion bars and bullion coin are real pieces of metal.

While you might not see any change in your pocket after you purchase bullion coins and bars at a store, you will notice some benefits over time.

For example, you'll get a piece of history in a tangible form. Every coin and every bar has a unique story.

It is often worth less than its nominal price if you examine the face value. When it was first introduced in 1986, the American Eagle Silver Coin cost only $1.00 per troy ounce. Today, however, the price of an American eagle is closer to $40.00 per ounce.

Many investors prefer bullion coins and bullion bar to futures contracts because of the dramatic increase in bullion's value.

Mining Companies

A great way to get precious metals is by investing in shares in mining companies. You're investing in the company’s ability to produce precious metals.

You will then be entitled to dividends which are based upon the company’s profit. These dividends are then used to pay shareholders.

You will also benefit from the company's growth potential. The company's share prices should also increase as demand increases for the product.

These stocks can fluctuate in value so it is important to diversify your portfolio. This is how you spread your risk across different companies.

However, it's also important to remember that mining companies aren't immune to financial loss, just like any stock market investment.

If gold prices drop dramatically, your ownership share could be worthless.

The Bottom Line

Precious metals such silver and gold provide an economic refuge from uncertainty.

Both silver and gold are subject to extreme price swings. If you are interested in long-term investing in precious metals, open a precious Metals IRA account at a reputable firm.

This allows you to benefit from tax advantages and physical assets.

How much money can a gold IRA earn?

The answer is yes, but not as much as you think. It all depends on how risky you are willing to take. It's possible to retire with $1 million if your retirement age is reached if you are able to put aside $10,000 per year for 20 consecutive years. You'll end up losing everything if you place all your eggs in the same basket.

Diversifying investments is crucial. When there is inflation, gold does well. You want to invest in an investment asset that rises with inflation. Stocks can do this well as they rise when profits are increased. This is also true of bonds. They pay interest each year. They are great during economic growth.

What happens when inflation is absent? In times of deflation, stocks are more valuable than bonds. Investors should avoid investing all of their savings into one investment like a stock mutual funds or bond.

Instead, they should consider investing in a mixture of different types and funds. They could, for example, invest in stocks and bonds. Or, they could invest in both bonds and cash.

They are exposed to both sides of a coin. Both deflation and inflation. They will still see a return in time.

Are gold and silver IRAs a good idea?

This could be a great opportunity for those who want to easily invest in both gold or silver simultaneously. There are also many other options. You can contact us at any time with questions about these types investments. We're always glad to help!

What are the fees associated with an IRA for gold?

The average annual fee for an individual retirement account (IRA) is $1,000. There are many types available: SIMPLE IRAs (SEP-IRAs), Roth IRAs, Traditional IRAs and Roth IRAs. Each type has its own set requirements and rules. For example, you may have to pay taxes on any earnings from your investments if they're not tax-deferred. Also, consider how long the money will be kept. You will save money if you intend to keep your funds longer than a Roth IRA.

A traditional IRA allows you to contribute up to $5,500 per year ($6,500 if you're 50 or older). A Roth IRA allows for unlimited annual contributions. The difference is that a traditional IRA allows you to withdraw your money without having to pay taxes. On the other hand, you'll owe taxes on any withdrawals made from a Roth IRA.

How do I choose an IRA?

Understanding your account type is the first step to finding the best IRA. This is whether you want a Roth IRA, a traditional IRA, or both. Also, you should know how much money is available for investment.

Next is deciding which provider best suits your needs. Some providers offer both accounts, while others specialize in just one type.

Finally, you should consider the fees associated with each option. There are many fees that vary between providers. They may include annual maintenance fees or other charges. For example, some providers charge a monthly fee based on the number of shares you own. Others may only charge one quarter.

Which type is best for an IRA?

It is essential to find an IRA that matches your needs and lifestyle when you are choosing one. It is important to consider whether you want tax-deferred, maximized growth of your contributions, reduced taxes now and paid penalties later, or just avoid taxes.

If you have little money to invest, the Roth option might make sense. If you plan to continue working beyond age 59 1/2, and pay income taxes on any account withdrawals, the Roth option may be a good choice.

If you plan on retiring early, the traditional IRA may be better because you'll likely owe any taxes on the earnings. The Roth IRA is a better option if you plan to continue working well beyond age 65. It allows you to withdraw any or all of your earnings and not pay taxes.

Do You Need to Open a Precious Metal IRA

Answers will depend on whether you have an investment goal or how high you are willing and able to tolerate risk.

You should start an account if you intend to retire with the money.

Because precious metals are highly likely to appreciate over time, They also offer diversification benefits.

The prices of silver and gold tend to be linked. This makes them a better choice when investing in both assets.

You shouldn't invest precious metal IRAs if you don't plan on retiring or aren't willing to take risks.


  • Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (
  • Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (
  • The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (
  • You can only purchase gold bars of at least 99.5% purity. (

External Links

How To

Precious metals approved by the IRA

Whether you're looking to save for retirement or invest for your next business venture, IRA-approved precious metals make great investments. Diversifying your portfolio can protect you from inflation with a variety of options, including silver coins and gold bars.

Precious Metal Investment Products come in two main formats. Because they are tangible, physical bullion products like bars and coins can be considered assets. Exchange-traded Funds (ETFs), however, are financial instruments that track and report the price movements in an underlying asset. ETFs can track the movement of gold or other metals. ETFs work just like stock exchange stocks and can be bought directly by the company issuing them.

There are many different types of precious metallics available to purchase. Silver and gold are frequently used for ornaments and jewelry making, while palladium and platinum are more often associated with luxury items. Palladium tends to hold its value better than platinum, which makes it ideal for industrial uses. While silver can also be useful in industrial applications, it is often preferred for decorative purposes.

Because of the costs involved in mining and refining raw material, physical bullion products can be more costly. They are safer than paper currencies, and offer buyers greater security. For example, consumers may lose confidence in the currency and look for alternatives when the U.S. dollar loses purchasing power. Physical bullion products on the other side do not depend upon trust between countries and companies. Instead, they are backed up by central banks and governments giving customers peace-of-mind.

Prices for gold fluctuate depending on demand and supply. The price of gold will rise if there is more demand. Conversely, a decrease in supply can cause the price to fall. This dynamic opens up opportunities for investors who want to profit from fluctuations of the price gold. This fluctuation is good news for investors who own physical bullion items as they earn a higher return.

Precious metals, unlike other investments, are immune to economic recessions or changes in interest rates. As long demand is strong, gold prices will continue to climb. Because of this, precious metals are considered safe havens during times of uncertainty.

The most widely used precious metals include:

  • Gold – Gold is the oldest type of precious metal and is often called “yellow metal.” While gold is a familiar name, it is an extremely rare element that is found underground. Most of the world’s remaining gold reserves are found in South Africa.
  • Silver – After gold, silver is the second most precious precious metal. Like gold, silver is mined from natural deposits. However, silver is more commonly extracted from ore than from rock formations. Silver is widely used in industry and commerce because of its durability, conductivity, malleability, and resistance to tarnishing. Over 98% of global silver production is produced in the United States.
  • Platinum – Platinum ranks third in the most valuable precious metals. It is used in many industries, such as fuel cells, catalytic converters and high-end medical equipment. Platinum is also used in dentistry to make dental crowns, fillings, and bridges.
  • Palladium – Palladium ranks fourth in the list of most valuable precious metals. Because of its strength, stability and popularity, Palladium is rapidly gaining in value among manufacturers. Palladium can also be used in electronics, military technology, and automobiles.
  • Rhodium – Rhodium is the fifth most valuable precious metal. Rhodium is a rare metal, but it is highly sought-after because of its use as a catalyst for automobile engines.
  • Ruthenium – Ruthenium is the sixth most valuable precious metal. Although there is a limited supply of palladium and platinum, ruthenium can be found in abundance. It is used in the manufacture of steel, aircraft engines, as well as chemical manufacturing.
  • Iridium – Iridium ranks seventh in the list of most valuable precious metals. Iridium plays an important role in satellite technology. It is used to build satellites orbiting that transmit television signals, phone calls, and other communications.
  • Osmium (Osmium) – Osmium has the eighth highest value precious metal. Osmium's ability to withstand extreme temperatures makes it a common metal in nuclear reactors. Osmium is also used to make jewelry, medicine, and cutting tools.
  • Rhenium – Rhenium has been ranked as the ninth most valuable precious metallic. Rhenium is used to refining oil and natural gas, in semiconductors, and rocketry.
  • Iodine: Iodine, the tenth highest-valued precious metal, is also known as Iodine. Iodine's uses include radiography, photography and pharmaceuticals.


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