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

Bitfarms
Ltd.
(Nasdaq/TSX:
BITF),
a
global
Bitcoin
mining
company,
has
announced
an
agreement
to
develop
a
120
MW
power
capacity
site
in
Sharon,
Pennsylvania,
according
to

GlobeNewswire.
The
company
has
also
provided
guidance
for
a
hash
rate
exceeding
35
EH/s
by
2025.

Strategic
Location
and
Benefits

The
new
site
is
strategically
located
within
the
Pennsylvania-New
Jersey-Maryland
(PJM)
Interconnection,
the
largest
wholesale
electricity
market
in
the
United
States.
This
location
offers
competitive
electricity
supply
and
opportunities
to
optimize
and
hedge
energy
costs.
The
PJM
market
is
rapidly
adding
renewable
capacity,
contributing
significantly
to
grid
decarbonization.
This
environment
is
ideal
for
Bitcoin
(BTC)
mining,
providing
load
flexibility
and
participation
in
demand
response
programs,
which
can
diversify
Bitfarms’
revenue
streams.

Expansion
and
Operational
Strategy

Nicolas
Bonta,
Chairman
and
Interim
CEO
of
Bitfarms,
emphasized
the
strategic
importance
of
the
U.S.
expansion.
“This
U.S.
expansion
not
only
strengthens
our
position
in
the
industry
but
also
enhances
our
geographical
diversification.
With
the
site’s
ability
to
support
8
EH/s
and
our
recent
acquisition
of
an
additional
100
MW
in
Paraguay,
we
project
2025
guidance
of
over
35
EH/s,”
Bonta
stated.

Ben
Gagnon,
Chief
Mining
Officer,
highlighted
the
benefits
of
operating
in
a
deregulated
and
curtailment-friendly
U.S.
power
market.
“Bitfarms
will
actively
monitor
and
manage
our
Bitcoin
mining
operations
and
participate
in
PJM’s
demand
response
programs
to
earn
additional
revenue
and
provide
reliability
services
to
the
grid,”
Gagnon
noted.

Development
Timeline
and
Financial
Details

Construction
at
the
Sharon
site
will
begin
immediately,
with
12
MW
expected
to
be
online
by
Q4
2024
and
the
remaining
capacity
by
the
second
half
of
2025.
The
project
involves
a
five-year
lease
of
an
11,200
square
feet
warehouse
with
options
to
renew
for
up
to
17
years
and
purchase
at
fair
market
value.
The
development
costs
are
anticipated
to
be
similar
to
recent
deployments
in
Canada
and
Paraguay.

Environmental
and
Economic
Impact

Philippe
Fortier,
SVP
of
Corporate
Development,
emphasized
the
long-term
benefits
of
the
PJM
sites.
“These
locations
boast
milder
temperatures
and
climates
than
Texas.
PJM’s
rapid
replacement
of
coal-powered
plants
is
among
the
largest
contributors
to
the
reduction
of
GHG
in
the
U.S.,
making
the
opportunity
both
environmentally
and
economically
sustainable,”
Fortier
explained.

About
Bitfarms
Ltd.

Founded
in
2017,
Bitfarms
is
a
global
Bitcoin
mining
company
that
operates
vertically
integrated
mining
farms.
The
company
currently
has
12
mining
facilities
across
Canada,
the
United
States,
Paraguay,
and
Argentina,
powered
predominantly
by
hydro-electric
and
long-term
power
contracts.
Bitfarms
is
committed
to
using
sustainable
energy
infrastructure.

Image
source:
Shutterstock

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