Bitfarms has started construction for a mega bitcoin mining farm in Argentina designed to accommodate 55,000 miners with power secured through a contract with a private power company..

It is set for completion by next year.

The farm will provide more than 210 megawatts of infrastructure capacity for Nasdaq-listed Bitfarms, which had a mining power of 1.4 exahash per second in September.

Bitfarms signed an eight-year 210 MW deal that secures power provision at a very low price of just US 2.2 cents per kilowatt-hour, substantially reducing its already low cost of mining Bitcoin.

Bitfarms CEO Emiliano Grodzki expects the high-production facility in Argentina to help the company achieve its goal of eight exahash per second by the end of next year and greatly expand its capacity and global footprint.

Grodzki also pointed out that the farm will be constructed in warehouses inside the power company providing the energy, creating a great location for Bitfarms.

Argentinian company Proyectos y Obras Americanas S.A. will lay the electrical structure needed to power the installation.

With many mining companies seeking new locations offering favorable conditions for expansion, it is expected that many would take advantage of Argentina’s abundant and cheap energy soon.