\n<\/p>\n
\u201cThe vast majority of (the $20 million) is going to go for growth,\u201d Morphy said in an interview with the Financial Post. \u201cWe\u2019ve got this incredible opportunity with Bitcoin prices being up\u2026 to continue to grow our company.\u201d That will include the addition of more than 3,000 miners in the first quarter of this year, an expansion that might require a sixth data centre. The company now houses more than 24,000 computers.<\/p>\n
Bitfarms is headquartered in Toronto, but Morphy says he is the only employee there. Everyone else in the 80-person company \u2014 electricians, engineers and business executives \u2014 are in Quebec.<\/p>\n
According to Morphy, the argument that cryptocurrency mining is a massive energy user and paltry job creator isn\u2019t \u201ca fair assessment.\u201d The average age of Bitfarms\u2019 80 workers is 32, he says. \u201cWe are training and developing a lot of young people and we\u2019re a nice viable business in Quebec. I think we\u2019re a good corporate citizen.\u201d<\/p>\n Bitfarms is also looking for areas outside Quebec to set up new data centres, including an undisclosed South American country where Morphy says the average cost of a kilowatt-hour is US$0.02, half of what it is in Quebec. \u201cIf we\u2019re going to be long-term players we need to continue to endeavour to find locations that are safe and secure and have low-cost power.\u201d<\/p>\n All Bitcoin transactions are verified and recorded on a giant ledger known as the blockchain, a global computer network of which Bitfarms is a part. Roughly every ten minutes a new block, containing all transactions since the last block, is added to the blockchain by the Bitcoin network. Then the mining computers around the globe furiously attempt to mine the new block by solving complex algorithms, with the entire network making 130 trillion guesses per second.<\/p>\n<\/div>\n\n Article content continued \u201cThe vast majority of (the $20 million) is going to go for growth,\u201d Morphy said in an interview with the Financial Post. \u201cWe\u2019ve got this incredible opportunity…<\/p>\n","protected":false},"author":2,"featured_media":6576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":["post-6575","post","type-post","status-publish","format-standard","has-post-thumbnail","category-commodities"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/6575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=6575"}],"version-history":[{"count":1,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/6575\/revisions"}],"predecessor-version":[{"id":6577,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/6575\/revisions\/6577"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/6576"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=6575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=6575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=6575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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