According to Cointelegraph, Bitcoin mining company Bitfarms has taken control of its latest data center in Sharon, Pennsylvania. This marks the company's first mega-site in the United States, with access to up to 120 megawatts (MW) of power capacity. Bitfarms has already secured 110 MW and plans to bring 30 MW online by the end of this year. Additionally, the company is looking to lease an extra 10-MW site, aiming for a total capacity of 120 MW by 2025.
Bitfarms CEO Ben Gagnon highlighted the strategic importance of the Pennsylvania-New Jersey-Maryland grid, describing it as the largest wholesale electricity market in the US. This grid offers competitively priced and flexible power, which is beneficial for Bitcoin mining, energy trading, and high-performance computing, including artificial intelligence. Gagnon stated that the new site would significantly increase Bitfarms' US presence and support up to 8 exahashes per second with the latest generation miners. He also mentioned opportunities for curtailment, demand-response, and energy trading to effectively manage energy costs.
On August 21, Bitfarms acquired Stronghold Digital Mining, adding up to 307 MW capacity. This acquisition is expected to boost Bitfarms' energy portfolio to over 950 MW by the end of 2025. The company aims to diversify beyond Bitcoin mining by integrating power generation, expanding energy trading capabilities, and securing high-potential sites for high-performance computing and artificial intelligence. Gagnon emphasized that these efforts are part of a multi-year expansion plan designed to create long-term shareholder value.
Bitcoin mining firms have faced challenges due to reduced mining rewards following the Bitcoin halving event in April, along with debt burdens and past management issues. Founded in 2017, Bitfarms currently operates 12 Bitcoin data centers and has two more under development in Canada, the United States, Paraguay, and Argentina.
