Bitfarms Announces Major Mining Site, Stock Jumps 15%

Bitfarms, a leading Bitcoin mining company, is making significant moves to expand its operations, announcing a new power plant agreement and the establishment of a major mining site in the United States.

Bitfarms has inked a deal to construct a power plant in Sharon, Pennsylvania, with a capacity of up to 120 MW, sending its shares soaring over 15% today. The company also secured a lease for the location, marking a strategic expansion amidst recent takeover attempts.

The agreement underscores Bitfarms’ commitment to enhancing its infrastructure and strengthening its position in the rapidly evolving cryptocurrency mining industry.

“Riot’s proposed takeover would not benefit our shareholders,” reiterated Bitfarms, emphasizing its focus on shareholder value amidst acquisition talks.

Strategic Location and Capacity Expansion

The chosen site in Sharon, Pennsylvania, strategically positioned within the Pennsylvania-New Jersey-Maryland Interconnection, offers significant advantages. Bitfarms highlighted the site’s access to a competitive electricity supply and the opportunity to optimize energy costs effectively in a deregulated state.

“This site offers access to a competitive electricity supply and provides the opportunity to optimize and hedge energy costs effectively,” Bitfarms stated in a press release.

Bitfarms aims to significantly increase its power capacity, projecting a substantial expansion by 2025. The company forecasts a 170% surge in capacity compared to its current levels, reaching 648 megawatts, with plans to support 8 EH/s at the new site.

“With the site’s ability to support 8 EH/s, alongside our recent acquisition of an additional 100 MW in Paraguay, we project 2025 guidance of over 35 EH/s,” Bitfarms outlined, emphasizing its bullish outlook on future operations.

Transitioning its operations to the U.S. signals Bitfarms’ commitment to diversification and strategic expansion, tapping into one of the world’s largest cryptocurrency markets.