2024

Bitcoin

Bitfarms Ltd., a leading global Bitcoin mining company, announced an agreement to develop a 120 MW power capacity site in Sharon, Pennsylvania. This new development supports Bitfarms' ambitious 2025 guidance of over 35 EH/s. The site, strategically located within the Pennsylvania-New Jersey-Maryland Interconnection (PJM) market, provides access to low-cost, flexible power and will bolster Bitfarms' operational footprint in the U.S, according to <a href="https://investor.bitfarms.com/news-events/press-releases/detail/249/bitfarms-enters-into-agreement-to-develop-120-mw-in-u-s">Bitfarms</a>. 
Key Highlights: 
- Development Site: The Sharon site will support 8 EH/s in 2025, starting with the deployment of 600 PH/s in 2024. 
- PJM Market: Being part of the largest U.S. wholesale <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> market, the site benefits from abundant energy supply, adding renewable capacity, and opportunities for load flexibility, demand response, and other curtailment programs. 
- Power Capacity Increase: The development increases Bitfarms' 2025 power capacity to 648 MW, a 170% rise from its current 240 MW. 
- Strategic Agreement: The agreement includes a five-year lease in an industrial area, with options to renew for up to 17 years and purchase at fair market value. The site initially offers 12 MW capacity, expanding to 120 MW by 2025. 
Nicolas Bonta, Chairman and Interim CEO, stated that this expansion strengthens Bitfarms' position in the industry and enhances geographical diversification. He emphasized Bitfarms' commitment to leveraging operational excellence and cost-effective growth strategies. 
Ben Gagnon, Chief Mining Officer, highlighted Bitfarms' role in providing reliability services to the grid through PJM’s demand response programs, enhancing revenue streams while supporting grid stability. 
Philippe Fortier, SVP of Corporate Development, expressed confidence in the long-term access to low-cost U.S. energy and the sustainable benefits of PJM’s transition away from coal power.&nbsp; 
Construction at the Sharon site will commence immediately, with 12 MW expected online by Q4 2024 and full development by the second half of 2025. This expansion marks Bitfarms' significant growth opportunity in the U.S. and reinforces its commitment to sustainable and economically viable Bitcoin mining operations.

Bitfarms Expands U.S. Operations with 120 MW Development in Pennsylvania

Ultramining_Eng

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