Skip to main content

Bitfarms Mega-Mining Facility Raises Concerns Among Legislators in Argentina

bitfarms

The construction of a bitcoin mega-mining farm in Argentina by Bitfarms is raising concerns for legislators. Martín Berhongaray, a national deputy, recently presented a resolution to force the government to disclose information about the installation of the facility, through representatives from the Ministries of Science, Technology and Innovation, Environment and Sustainable Development, and of the nation’s economy.

Bitfarms Mega Farm in Sights of Legislators

The ambitious project that Bitfarms, a mining behemoth headquartered in Canada, is building in Argentina, has already started to raise concerns with Argentinian legislators. Martín Berhongaray, a national deputy, introduced a law proposal for the government to explain how this deal was conceived and whether the company has passed oversight of the different state institutions linked to the deal, like the Ministries of Science, Technology and Innovation, Environment and Sustainable Development, and of the nation’s economy.

The law proposal requires disclosure related to:

The competent areas in energy, environmental, and economic matters registered the agreement announced by the Canadian company Bitfarms, to source electricity through a Wholesale Electricity Market Agent (MEM) for 8 years.

The mining farm will host 55,000 mining machines, with Bitfarms reportedly establishing a contract with a private power company to receive 210 megawatts (MW) of infrastructure capacity at a rate of 2.2 cents per kilowatt-hour.

More Worries

The proposal seems to be directed at procuring information about the energy facility that will provide the power, and the sustainability of this deal into the future. While the company that is doing the construction has been identified as PROA, the power company and the location of the facility are still a mystery to the public, as it has only been revealed it’s going to be located in a rural area in a recent PR statement.

These doubts have surely influenced the proposal, which also inquires:

If the total electrical system installed in the country, or imminent installation, has that available capacity. If the consumption of that electrical energy used will receive a subsidy from public funds.

The reason for Bitfarms expanding to Argentina is not a secret. The region offers affordable energy opportunities in certain parts of the country, and this is bringing more and more companies to eye the area as a possible expansion destination. Bitfarms president Geoffrey Morphy concluded:

With considerable low-cost energy available to us for many years, we can improve our short-term margin performance and ensure a viable operation.

What do you think about the Bitfarms bitcoin mega-mining facility being installed in Argentina? Tell us in the comments section below.



from Bitcoin News https://ift.tt/3maW6Wz

Comments

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...