I somewhat agree with paxmao, the move seems a bit risky. While Argentina has a stronger legal system than China for example, regulations are prone to sudden changes, specially in financial matters. A regulatory framework which could comprise cryptocurrencies, is in the works
according to Argentina's Central Bank director Miguel Pesce, although it would concentrate on issues like fraud prevention, targeting "the exchange market" (this could mean, for example, harder KYC regulation).
There is another (short-term) "problem" with Argentina: its electricity generating sector is relatively weak, and supply is very close to demand in the peak season (heat wavers in summer, and cold waves in winter). Thus, I think the following question is crucial:
Setting up a bit crypto farm would work amazingly well if they do use not only electric power but renewable sources of energy as well.
If the crypto farm is using renewable energy sources, and local distribution does not lead to competition issues with private households and other industries, then I don't see problems. But unfortunately, there is not much information about the location and energy source of Bitfarms' mining farm. It could be speculated (like Argentine newspaper
La Nación did) that it uses hydropower (which is one of Argentina's main energy sources, together with thermal power) but I searched several journalistic articles in Argentine media for informations about the exact location - without success. If I find something, I'll post it here.
@uneng is also right: the energy prices are low mainly because of government subsidies, although rates are sensibly higher for industrial usage than for residential usage. Also, a special agreement between an energy company and Bitfarms seems to exist, meaning that it
may be possible that there are no subsidies involved at all.
However, Argentina "naturally" would be an excellent mining location if the renewable energy sector was more developed, due to its excellent conditions for wind (at the coastline) and solar energy (in the west of the country).