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Bitfarms Ltd. (Nasdaq/TSX: BITF), a leading Bitcoin mining company, has marked another milestone in its expansion strategy by assuming control of its first large-scale data center in the US.
Located in Sharon, Pennsylvania, the new data center facility is poised to significantly boost Bitfarms’ presence in the American market.
With access to up to 120 megawatts (MW) of power, the site underscores Bitfarms’ commitment to aggressive growth and innovation in Bitcoin mining and high-performance computing.
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 MW To learn more, see the full details here: bit.ly/4fZmBIe #Bitcoin…
Bitfarms’ expansion into the US Market
The acquisition of the Sharon, PA data center marks Bitfarms’ inaugural venture into large-scale US operations, reflecting a strategic move to increase its market presence and diversify its operations beyond Bitcoin mining.
The Sharon site, situated within the PJM Interconnection market, offers significant advantages due to its access to competitively priced and flexible power. This prime location supports Bitfarms’ dual focus on Bitcoin mining and high-performance computing (HPC), including applications in artificial intelligence (AI).
The company’s CEO, Ben Gagnon, in a press release, highlighted the strategic importance of the new site, stating, “This site increases our US presence nearly sevenfold and kickstarts our aggressive U.S. growth plan.”
The facility is anticipated to support up to 8 exahashes per second with the latest generation miners, optimizing Bitcoin mining efficiency.
Additionally, Gagnon noted the significant opportunities for curtailment, demand-response, and energy trading, which will aid in managing energy costs and enhancing overall operational performance.
Bitfarms recently acquired Stronghold Digital Mining
Notably, the expansion follows Bitfarms’ recent acquisition of Stronghold Digital Mining on August 21, 2024, barely a month after Riot Platforms withdrew its offer to takeover Bitfarms.
The Stronghold deal added up to 307 MW to Bitfarms’ capacity, propelling the company’s energy portfolio to a projected total of over 950 MW by the end of 2025.
By vertically integrating power generation and expanding its energy trading capabilities, Bitfarms aims to create long-term shareholder value and establish a robust presence in the global mining landscape.
Founded in 2017, Bitfarms has rapidly evolved, currently operating 12 data centers across Canada, the US, Paraguay, and Argentina.
The company’s commitment to sustainability is evident through its use of environmentally friendly hydroelectric power and long-term energy contracts.
As Bitfarms continues to grow and innovate, its strategic investments in large-scale facilities like the Sharon data center underscore its dedication to expanding its technological and operational footprint in the ever-evolving cryptocurrency and computing sectors.
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