Environmental
We are focused on deploying state-of-the-art mining equipment and optimizing operational processes to ensure an efficient use of energy, aligning with our commitment to sustainability and cost-effective mining operations.
Our Environmental and Social Responsibility Committee is responsible for assisting the Board in overseeing our programs, policies, and practices relating to health and safety, environmental sustainability, and corporate social responsibility.
Environmental, Health, and Safety (EHS) Management System
We are committed to providing a workplace which values the health, safety, and wellbeing of our employees, contractors, and visitors, to our facilities. We comply with all EHS legal requirements and actively work to minimize our EHS risk.
Carbon footprint and emission reduction efforts
At Bitfarms, we prioritize the use of renewable energy, particularly hydro-electric power, for our mining operations. By leveraging renewable energy, we significantly reduce our carbon footprint and minimize our environmental impact.
We continuously monitor and optimize our mining operations to ensure maximum efficiency and minimum impact. This includes strategic location selection for new facilities to capitalize on low-cost energy sourced in sustainable ways.
Initiatives and programs to reduce Scope 1, 2 and 3 emissions1
Our Efforts in Paraguay
In Paraguay, we imported and installed WhatsMiner miners, which were added to the Villarica facility after replacing the older generation miners. We also acquired two power purchase agreements (PPAs) of hydroelectric power capacity in Paso Pe and Yguazu and started construction at the Paso Pe facility.
Our Efforts in Canada
In Quebec, Canada, we acquired hydroelectric power capacity and leased a site in Baie-Comeau.
Our Efforts in Argentina
In Argentina, we imported and installed new MicroBT M30S WhatsMiner Miners, which increased capacity and added hashrate (EH/s) to the Rio Cuarto facility.
1 As of fiscal year-end 2023.
Initiatives to mitigate environmental impact
We invest in state-of-the-art mining equipment and technologies to enhance operational efficiency. This not only reduces energy consumption per Bitcoin mined, but also boosts productivity and drives lower cost.
Waste management
We partner with electronic waste (e-waste) vendors to manage electronic waste resulting from hardware used in the mining process. By engaging in responsible e-waste recycling, Bitcoin miners can reduce hazardous waste, conserve valuable resources, lower costs, ensure regulatory compliance, and enhance their sustainability efforts.
This not only helps mitigate the environmental footprint of cryptocurrency mining but also aligns with broader goals of corporate social responsibility and energy efficiency. In 2024, Bitfarms partnered with ERS International in efforts to drive responsible waste disposal under ERS' recycling program. Bitfarms will be generating a number of verified carbon credits through this program.