Friday, July 12, 2024

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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