Bitcoin mining company Bitfarms has announced its plan to build a 120-megawatt mining infrastructure in the United States.
The Bitcoin mining giant shared this development in a press release today, June 13, 2024.
According to the release, the site where the infrastructure would be built, Sharon, Pennsylvania, is located in the largest electricity market in the United States—Pennsylvania-New Jersey-Maryland Interconnection (PJM). Bitfarm noted that this gives it access to a competitive electricity supply, which allows it to advance its corporate electricity price and diversify its revenue streams.
Nicolas Bonta, the Chairman and Interim Chief Executive Officer of Bitfarms, emphasized that this expansion is a strategic move, part of the company’s plan to expand its operating footprint in the United States in a cost-effective way. He also claimed that this expansion bolsters the company’s position in the sector and advances its geographical diversification.
The Interim CEO noted that Bitfarms is capitalizing on its operational excellence and farm design expertise to optimize the site and facilitate effective growth.
It is worth noting that this expansion increases Bitfarms’ 2025 capacity to 648 MW, indicating a 170% increase from its existing capacity and a 47% growth from the targeted 2024 year-end capacity.
Ben Gagnon, the company’s Chief Mining Officer (CMO), also echoed Bonta’s sentiment, stating that this development signifies Bitfarms’ debut in a primarily deregulated and curtailment-adopting US power market.
In retrospect, recent months haven’t been the best for the Bitcoin mining giant financially. The firm experienced a $22 million gross loss last year, compared to its $11 million profit the previous year.
Meanwhile, Riot Platform’s $950 million buyout offer faced opposition from the company’s stakeholders. The stakeholders and special committee members reportedly deemed the offer undervalued and not in the interest of the company’s shareholders.
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