Bitfarms to Develop 120 MW Bitcoin Mining Facility in Pennsylvania, Projects Over 35 EH/s by 2025

Bitfarms Ltd. (Nasdaq/TSX: BITF), a world Bitcoin mining firm, has introduced an settlement to develop a 120 MW energy capability web site in Sharon, Pennsylvania, in keeping with GlobeNewswire. The corporate has additionally supplied steering for a hash fee exceeding 35 EH/s by 2025.

Strategic Location and Advantages

The brand new web site is strategically positioned throughout the Pennsylvania-New Jersey-Maryland (PJM) Interconnection, the biggest wholesale electrical energy market in the USA. This location presents aggressive electrical energy provide and alternatives to optimize and hedge power prices. The PJM market is quickly including renewable capability, contributing considerably to grid decarbonization. This atmosphere is good for Bitcoin (BTC) mining, offering load flexibility and participation in demand response packages, which may diversify Bitfarms’ income streams.

Growth and Operational Technique

Nicolas Bonta, Chairman and Interim CEO of Bitfarms, emphasised the strategic significance of the U.S. growth. “This U.S. growth not solely strengthens our place within the trade but additionally enhances our geographical diversification. With the location’s means to assist 8 EH/s and our current acquisition of an extra 100 MW in Paraguay, we mission 2025 steering of over 35 EH/s,” Bonta acknowledged.

Ben Gagnon, Chief Mining Officer, highlighted the advantages of working in a deregulated and curtailment-friendly U.S. energy market. “Bitfarms will actively monitor and handle our Bitcoin mining operations and take part in PJM’s demand response packages to earn further income and supply reliability providers to the grid,” Gagnon famous.

Growth Timeline and Monetary Particulars

Building on the Sharon web site will start instantly, with 12 MW anticipated to be on-line by This autumn 2024 and the remaining capability by the second half of 2025. The mission entails a five-year lease of an 11,200 sq. ft warehouse with choices to resume for as much as 17 years and buy at honest market worth. The event prices are anticipated to be just like current deployments in Canada and Paraguay.

Environmental and Financial Impression

Philippe Fortier, SVP of Company Growth, emphasised the long-term advantages of the PJM websites. “These areas boast milder temperatures and climates than Texas. PJM’s fast alternative of coal-powered vegetation is among the many largest contributors to the discount of GHG within the U.S., making the chance each environmentally and economically sustainable,” Fortier defined.

About Bitfarms Ltd.

Based in 2017, Bitfarms is a world Bitcoin mining firm that operates vertically built-in mining farms. The corporate presently has 12 mining amenities throughout Canada, the USA, Paraguay, and Argentina, powered predominantly by hydro-electric and long-term energy contracts. Bitfarms is dedicated to utilizing sustainable power infrastructure.

Picture supply: Shutterstock

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