Bitfarms Takes Over 120 MW Mining Mega-Site in the US

August 29, 2024 03:03 PM AEST | By Team Kalkine Media

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Bitfarms Takes Over 120 MW Mining Mega-Site in the US — Image source: shutterstock

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Bitfarms has expanded its operations significantly with the acquisition of its first major data center in the United States, located in Sharon, Pennsylvania. This new facility marks the company's entry into the U.S. market with access to up to 120 megawatts of power capacity. Currently, Bitfarms has finalized the acquisition of 110 megawatts and has already placed orders for the necessary equipment, aiming to activate 30 megawatts of this capacity by the end of the year.

Additionally, Bitfarms plans to lease an extra 10 megawatts, bringing the total anticipated capacity to 120 megawatts by 2025. The facility is designed to support up to 8 exahashes per second for {Bitcoin} (BTC) mining using the latest generation of mining equipment. Ben Gagnon, Chief Executive of Bitfarms, highlighted that the Pennsylvania-New Jersey-Maryland grid, which is the largest wholesale electricity market in the U.S., offers competitive and flexible power options ideal for Bitcoin mining and other high-performance computing applications. Gagnon also noted that the site will facilitate significant opportunities for energy trading and demand-response strategies to manage energy costs effectively.

The expansion is further supported by Bitfarms’ recent acquisition of Stronghold Digital Mining on August 21, which will add up to 307 megawatts of capacity to the company’s portfolio. This acquisition positions Bitfarms to potentially expand its energy capacity to over 950 megawatts by the end of 2025.

By integrating vertically with power generation and enhancing its energy trading capabilities, Bitfarms aims to broaden its operations beyond Bitcoin mining. The company's strategy includes establishing high-performance computing and artificial intelligence facilities, contributing to long-term operational growth and diversification. This expansion comes at a time when Bitcoin mining companies face challenges due to reduced rewards from the Bitcoin halving event and industry-wide financial pressures.

Founded in 2017, Bitfarms operates 12 Bitcoin data centers and has two additional sites under development across Canada, the United States, Paraguay, and Argentina.

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