Bitfarms Ltd. announces a new Bitcoin mining site in Sharon, Pennsylvania, with plans to develop up to 120 MW of power capacity.
On June 14, Bitfarms Ltd., a Bitcoin mining corporation, announced its plan to expand into the United States by establishing a new site in Sharon, Pennsylvania.
Bitfarms has consented to the development of up to 120 megawatts (MW) of power capacity in the region, as indicated in the organization’s official press release.
Bitfarms Ltd. will have access to competitive electricity rates and opportunities that will enable the firm to “optimize and hedge energy costs” at the new site within the Pennsylvania-New Jersey Maryland (PJM) Interconnection.
By 2025, the expansion is anticipated to enhance Bitfarms’ operational footprint, support 8 EH/s capacity, and increase the company’s total power capacity to 648 MW, a 170% increase from its current capacities.
The expansion was discussed by Nicolas Bonta, the Chairman and Interim CEO of Bitfarms.
“Executing on our strategy to cost-effectively expand our operating footprint in the U.S., we have entered into an agreement for flexible power trading within the PJM. […] This U.S. expansion not only strengthens our position in the industry but also enhances our geographical diversification.”
The Sharon expansion is strategically situated in a deregulated state, which enables the mining firm to “participate in demand response and other curtailment programs.”
Ben Gagnon, Chief Mining Officer of Bitfarms, commented on the diversification of revenue stream accessibility during the expansion:
“Bitfarms will actively monitor and manage our Bitcoin mining operations and participate in PJM’s demand response programs to earn additional revenue and provide reliability services to the grid.”
Riot Platforms, Inc. also disclosed that it had increased its ownership stake in Bitfarms Ltd. to 14% in conjunction with Bitfarms’ expansion announcement.
Riot acquired an additional 1,432,063 common shares of Bitfarms, which account for approximately 0.35% of Bitfarms’ issued and outstanding shares.
“Riot currently intends to requisition a special meeting of the Company’s shareholders, at which Riot intends to nominate several well-qualified and independent directors to join the Company’s board of directors.”
Riot’s recent recovery from a share price dip precipitated by allegations that the company would implode is evidenced by its acquisition of an additional Bitfarms stake.
