United

Bitcoin

April

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) mining company Bitfarms has assumed control of its newest data center in Sharon, Pennsylvania, representing the company’s first mega-site in the United States with access to up to 120 megawatts of power capacity. With this, Bitfarms has closed on 110 megawatts (MW).&nbsp;
The company <a data-ct-non-breakable="null" href="https://investor.bitfarms.com/news-events/press-releases/detail/263/bitfarms-announces-assumption-of-control-of-sharon-pa-site" rel="null" target="null" text="null">said</a> it has already ordered the necessary equipment and expects to bring 30 MW of capacity online by the end of this year.
Bitfarms is also looking to lease an additional 10-MW site, bringing the total site capacity to 120 MW in 2025. 
<figure>
 <img alt="Bitfarms assumes control of 120 MW mining mega-site in US" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01919853-2edc-7912-81a5-7e076b6ef9c0">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://twitter.com/Bitfarms_io/status/1828447604062978509" rel="null" target="null" text="null">Bitfarms</a>
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<h2 id="strong-bitfarms-on-aggressive-us-growth-path-strong">Bitfarms on “aggressive” US growth path</h2>
“The Pennsylvania-New Jersey-Maryland grid is the largest wholesale electricity market in the US, offering abundant access to competitively priced and flexible power that is attractive for Bitcoin mining, energy trading, and high-performance computing, artificial intelligence,” said Ben Gagnon, chief executive of Bitfarms.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-halving-price-consolidation-ethereum-altcoin-market" rel="null" target="null" text="null">Bitcoin post-halving price consolidation could last 2 months — Bitfinex</a> 
Explaining the rationale, Gagnon said:
<blockquote>
 “This site increases our US presence nearly sevenfold and kickstarts our aggressive US growth plan.”&nbsp;
</blockquote>
For Bitcoin mining specifically, the site is expected to support up to 8 exahashes per second with the latest generation miners. According to Gagnon, significant curtailment, demand-response and energy trading opportunities are available to effectively hedge the company’s energy costs and bring down the total cost of power.&nbsp;
<h2 id="strong-building-up-on-stronghold-acquisition-strong">Building up on Stronghold acquisition</h2>
On Aug. 21, Bitfarms <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitfarms-acquisition-of-stronghold-digital-mining" rel="null" target="null" text="null">acquired Stronghold Digital Mining</a>, which is expected to add up to 307 MW capacity and put Bitfarms on track to increase its energy portfolio to over 950 MW by the end of 2025.&nbsp;
By vertically integrating with power generation, expanding energy trading capabilities and securing two high-potential sites for high-performance computing and artificial intelligence, and with significant multi-year expansion potential, Gagnon said Bitfarms aims to diversify beyond Bitcoin mining to create greater long-term shareholder value. 
<figure>
 <img alt="Bitfarms assumes control of 120 MW mining mega-site in US" name="" src="https://s3.cointelegraph.com/uploads/2024-08/0191984f-53bd-7811-8fc9-bbd2ee914620">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://twitter.com/Bitfarms_io/status/1826206391779860574" rel="null" target="null" text="null">Bitfarms</a>
 </figcaption>
</figure>
Bitcoin mining firms have come <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/stronghold-and-bitfarms-under-pressure-after-crypto-stocks-fell-last-month" rel="null" target="null" text="null">under pressure</a> because of reduced mining rewards in April due to the Bitcoin halving event. Their debt burden and past poor management have also been causes of concern.&nbsp;
Founded in 2017, Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in Canada, the United States, Paraguay, and Argentina.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/meme-coins-betrayal-crypto-ideals-or-true-purpose/" rel="null" target="null" text="null">Memecoins: Betrayal of crypto’s ideals… or its true purpose?</a>

Bitfarms assumes control of 120 MW mining mega-site in US

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Cointelegraph

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