Bitfarms Takes Control of First US Mega Site, Marking Significant Expansion of Power Capacity and Mining Operations

Bitcoin mining company Bitfarms has taken control of its newest data center in Sharon, Pennsylvania, the company’s first mega-site in the United States with access to up to 120 megawatts (MW) of electrical capacity. With this move, Bitfarms now has control of 110 MW.

The company said it has ordered the necessary equipment and expects to have 30 MW of capacity operational before the end of this year.

Bitfarms is also looking to lease an additional 10 MW site, bringing the site’s total capacity to 120 MW by 2025.

Bitfarms on the path to “strong” growth in the US

“The Pennsylvania-New Jersey-Maryland grid is the largest wholesale electricity market in the United States, providing abundant, competitively priced, and flexible electricity that is attractive for Bitcoin mining, energy trading, and high-performance computing and artificial intelligence,” said Ben Gagnon, CEO of Bitfarms.

Explaining the reason, Mr. Gagnon said:

“This site increases our presence in the US by nearly seven times and kickstarts our aggressive growth plans in the US.”

For Bitcoin mining specifically, the site is expected to support up to 8 exahashes per second with its latest generation of miners. According to Gagnon, limited opportunities, demand response, and significant energy trading are available to effectively protect the company's energy costs and reduce overall electricity costs.

Boost from Stronghold Acquisition

On August 21, Bitfarms acquired Stronghold Digital Mining, which is expected to add up to 307 MW of capacity and put Bitfarms on a path to increase its energy portfolio to over 950 MW by the end of 2025.

By vertically integrating with energy production, expanding energy trading capabilities, and securing two sites with high potential for high-performance computing and artificial intelligence, along with significant multi-year expansion potential, Mr. Gagnon said Bitfarms aims to diversify beyond Bitcoin mining to create greater long-term shareholder value.

Bitcoin miners have been under pressure due to the reduction in mining rewards in April following Bitcoin’s halving event. Debt burdens and poor management in the past have also been causes for concern.

Founded in 2017, Bitfarms currently has 12 Bitcoin data centers in operation and two more under development in Canada, the United States, Paraguay, and Argentina.

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