Bitfarms, a Bitcoin mining company, revealed its plans for expansion into the United States on June 14th by establishing a new location in Sharon, Pennsylvania. The company aims to develop up to 120 megawatts (MW) of power capacity in the region, as stated in their official press release. This move will grant Bitfarms access to competitive electricity rates and opportunities to optimize and protect against energy costs.
The expansion is projected to enhance Bitfarms’ operational presence, supporting a capacity of 8 EH/s by 2025 and increasing the total power capacity to 648 MW, marking a 170% increase from the current capacity. Nicolas Bonta, the chairman and interim CEO of Bitfarms, expressed his thoughts on the expansion, emphasizing its strategic implications.
The strategic location of the Sharon expansion in a deregulated state allows Bitfarms to engage in demand response and other curtailment programs, enhancing revenue stream accessibility. Ben Gagnon, the chief mining officer of Bitfarms, highlighted the benefits of diversifying revenue streams through this expansion.
In conjunction with Bitfarms’ announcement, Riot Platforms disclosed an increase in its ownership stake in Bitfarms to 14%. The additional acquisition of 1,432,063 common shares by Riot represents approximately 0.35% of Bitfarms’ total issued and outstanding shares. This move follows Riot’s recent recovery from a share price dip triggered by concerns of a potential collapse.