Bitcoin (BTC) mining company Bitfarms has assumed control of its newest data center in Sharon, Pennsylvania, representing the company’s first mega-site in the United States with access to up to 120 megawatts of power capacity. With this, Bitfarms has closed on 110 megawatts (MW).
The company said it has already ordered the necessary equipment and expects to bring 30 MW of capacity online by the end of this year.
Bitfarms is also looking to lease an additional 10-MW site, bringing the total site capacity to 120 MW in 2025.
Source: Bitfarms
Bitfarms on “aggressive” US growth path
“The Pennsylvania-New Jersey-Maryland grid is the largest wholesale electricity market in the US, offering abundant access to competitively priced and flexible power that is attractive for Bitcoin mining, energy trading, and high-performance computing, artificial intelligence,” said Ben Gagnon, chief executive of Bitfarms.
Explaining the rationale, Gagnon said:
“This site increases our US presence nearly sevenfold and kickstarts our aggressive US growth plan.”
For Bitcoin mining specifically, the site is expected to support up to 8 exahashes per second with the latest generation miners. According to Gagnon, significant curtailment, demand-response and energy trading opportunities are available to effectively hedge the company’s energy costs and bring down the total cost of power.
Building up on Stronghold acquisition
On Aug. 21, Bitfarms acquired Stronghold Digital Mining, which is expected to add up to 307 MW capacity and put Bitfarms on track to increase its energy portfolio to over 950 MW by the end of 2025.
By vertically integrating with power generation, expanding energy trading capabilities and securing two high-potential sites for high-performance computing and artificial intelligence, and with significant multi-year expansion potential, Gagnon said Bitfarms aims to diversify beyond Bitcoin mining to create greater long-term shareholder value.
Source: Bitfarms
Bitcoin mining firms have come under pressure because of reduced mining rewards in April due to the Bitcoin halving event. Their debt burden and past poor management have also been causes of concern.
Founded in 2017, Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in Canada, the United States, Paraguay, and Argentina.
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