Felix Pinkston
Aug 27, 2024 13:33
Bitfarms Ltd. has assumed control of its first large-scale site in the U.S., increasing its American footprint from 20 MW to 140 MW.
Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin (BTC) data center company, has assumed control of its newest data center located in Sharon, Pennsylvania, according to GlobeNewswire. This site marks Bitfarms’ first large-scale site in the United States, significantly increasing its U.S. footprint from 20 MW to 140 MW.
Strategic Location and Capacity Expansion
The Sharon site is strategically located within the Pennsylvania-New Jersey-Maryland (PJM) Interconnection market, the largest wholesale electricity market in the U.S. This location offers Bitfarms access to low-cost, flexible power, making it ideal for Bitcoin mining, energy trading, and high-performance computing (HPC) and artificial intelligence (AI) applications. The site is expected to support up to 8 EH/s with the latest generation miners.
Bitfarms has closed on 110 MW of the site’s capacity, with 30 MW scheduled to go online by the end of 2024. Additionally, the company has signed a Letter of Intent for a lease on an additional 10 MW site, which will bring the total site capacity to 120 MW by 2025.
CEO’s Vision for Growth
Ben Gagnon, CEO of Bitfarms, highlighted the importance of this expansion in the company’s U.S. growth strategy. “This site increases our U.S. presence nearly sevenfold and kickstarts our aggressive U.S. growth plan,” said Gagnon. He emphasized the benefits of the PJM grid, citing its competitive pricing and flexibility, which are attractive for Bitcoin mining and other energy-intensive applications. Gagnon also noted the site’s potential for demand-response and energy trading opportunities, which can help hedge energy costs.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computational power to one or more mining pools, receiving payment in Bitcoin. The company develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. Bitfarms currently operates 12 Bitcoin data centers and has two more under development in four countries: Canada, the United States, Paraguay, and Argentina. The company is committed to using sustainable energy sources, predominantly hydro-electric power.
Forward-Looking Statements
This news release contains forward-looking statements based on expectations, estimates, and projections as of the date of this release. These statements involve risks and uncertainties that may cause actual results to differ materially. Factors include, but are not limited to, the construction and operation of the company’s facilities, market conditions for Bitcoin, and the ability to secure advantageous power purchase agreements. For more information, refer to the company’s filings on www.sedarplus.ca and the U.S. Securities and Exchange Commission’s website.
Bitfarms’ latest expansion underscores its commitment to increasing its operational footprint and leveraging strategic locations for competitive advantages in the Bitcoin mining industry.
Image source: Shutterstock
Credit: Source link
