TL;DR
- Bitfarms expands in the U.S.: Bitfarms Ltd. takes control of a new data center in Sharon, Pennsylvania, marking its first large-scale site in the U.S. with up to 120 MW of power capacity.
- Strategic benefits: The Sharon site, located in the largest U.S. wholesale electricity market, offers competitively priced power, ideal for Bitcoin mining and high-performance computing.
- CEO’s vision and prospects: CEO Ben Gagnon highlights the site’s potential for energy trading and cost reduction, aligning with Bitfarms’ strategy to diversify operations and enhance shareholder value.
Bitfarms Ltd., a global Bitcoin data center company, has announced the assumption of control over its newest data center in Sharon, Pennsylvania. This strategic move marks Bitfarms’ first large-scale site in the United States, significantly expanding its operational footprint.
We are pleased to announce that Bitfarms has assumed control of its newest data center in Sharon, Pennsylvania.
– Closed on 110 MW
– 30 MW expected online by YE 2024
– LOI signed for additional 10 MWTo learn more, see the full details here: https://t.co/lLVz6XJEeA#Bitcoin… pic.twitter.com/bwmKRGSYrl
— Bitfarms (@Bitfarms_io) August 27, 2024
The Sharon site, initially announced on June 13, 2024, represents a major milestone for Bitfarms. With this acquisition, Bitfarms has secured access to up to 120 megawatts (MW) of power capacity.
The company has already closed on 110 MW, with plans to bring 30 MW online by the end of 2024. Additionally, Bitfarms has signed a Letter of Intent for a lease on an additional 10 MW site, which will bring the total capacity to 120 MW by 2025.
Strategic Location and Benefits
The Sharon site is ideally positioned within the Pennsylvania-New Jersey-Maryland (PJM) Interconnection market, which stands as the largest wholesale electricity market in the United States.
This location offers abundant access to competitively priced and flexible power, making it ideal for Bitcoin mining, energy trading, high-performance computing (HPC), and artificial intelligence (AI) applications. The site is expected to support up to 8 exahashes per second (EH/s) with the latest generation miners.
Bitfarms’ CEO Vision
Ben Gagnon, CEO of Bitfarms, emphasized the significance of this expansion. “This site increases our U.S. presence nearly sevenfold and kickstarts our aggressive U.S. growth plan,” said Gagnon.
He highlighted the site’s potential for significant curtailment, demand-response, and energy trading opportunities, which will help hedge energy costs and reduce the total cost of power.
Future Prospects
Bitfarms’ expansion into the U.S. is part of a broader strategy to diversify its operations and create long-term shareholder value.
The company is presently running 12 Bitcoin data centers and is in the process of developing two additional ones, spanning four countries: Canada, the United States, Paraguay, and Argentina.
Bitfarms is committed to using sustainable and underutilized energy infrastructure, predominantly powered by hydroelectric and long-term power contracts.
The acquisition of the Sharon site marks a significant step forward for Bitfarms, positioning the company for substantial growth in the U.S. market. With its increased capacity and strategic location, Bitfarms is well-equipped to capitalize on the opportunities in Bitcoin mining and beyond.
