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The falling price of Bitcoin is a problem

The drop in the price of bitcoin on crypto markets is starting to hurt Bitcoin mining companies. The company has said that the fall in the price of bitcoin is the biggest problem that miners are facing right now. This has a direct effect on the company because of its holdings. Its value has gone from a "unicorn" to less than $500 million.

Damian Polla, who is the Latam General Manager for Bitfarm, said in an interview with local media:

"The drop in the price of bitcoin is the sector's biggest short-term problem, both in Argentina and around the world, because it lowers revenue and raises operating costs."

Polla also saw this drop in prices as proof that the cryptocurrency market was growing. He said that the cryptocurrency market was becoming "mainstream" on global markets because it was linked to traditional equity indexes.

Bitfarms in Argentina

The company has made important investments in Argentina and Paraguay. It has a share of 1.5% of the global Bitcoin hashrate. The company is currently building a Bitcoin "mega farm" in Argentina. It will have space for 55,000 miners and be able to use 210 megawatts of power. Bitfarms is currently creating 200 jobs by building the mining facility mentioned above. This is in contrast to other companies in the country, which are laying off workers to prepare for the upcoming economic phase.

Polla talked about the reasons why Bitfarms chose to put its money in the country instead of somewhere else. He told them:

"Argentina is a great place for this kind of investment because it has low prices for energy, good people to work with, and a very active cryptocurrency ecosystem. Even though the economy goes up and down, Argentina is the leader in the region when it comes to crypto."

Polla said that Bitfarms is always looking for new opportunities in Argentina, Latam, and even the U.S., even though the company does not plan to make any new investments in the area at the moment.

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