In a strategic move to expand its global footprint, Bitfarms Ltd., a leading Bitcoin mining company, has officially taken control of a new data center in Sharon, Pennsylvania. This acquisition marks a significant milestone for the company as it establishes its first mega-site in the United States, a development that is set to enhance its Bitcoin mining operations substantially.
Located in the Pennsylvania-New Jersey-Maryland (PJM) grid, the Sharon site is set to become a cornerstone of Bitfarms’ growth strategy. The company has highlighted the site’s access to up to 120 megawatts (MW) of power as a critical factor in its decision. The PJM grid is known for providing low-cost, flexible power, making it an ideal location for high-performance computing activities such as Bitcoin mining, artificial intelligence (AI), and other data-intensive operations.
Bitfarms has announced ambitious plans for the site, intending to bring 30 MW of capacity online by the end of 2024. This initial phase will pave the way for further expansion, with the company aiming to reach the full 120 MW capacity by 2025. Once fully operational, the Sharon site is expected to support up to 8 exahash per second (EH/s) of Bitcoin mining power, leveraging advanced mining technology to maximize efficiency and output.
Bitfarms on the Acquisition and US Growth Path
“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. “This site increases our US presence nearly sevenfold and kickstarts our aggressive US growth plan.” he added.
The acquisition and development of the Sharon site align with Bitfarms’ broader strategy of enhancing its geographical diversification. By establishing a presence in the United States, Bitfarms not only mitigates risks associated with operating in a single region but also positions itself to take advantage of the unique opportunities presented by the PJM market. The PJM grid’s energy trading capabilities offer Bitfarms a chance to optimize its operations, reducing costs and increasing profitability.
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The move to establish a mega-site in the U.S. is a clear indication of Bitfarms’ commitment to scaling its operations and solidifying its position as a leader in the Bitcoin mining industry. As competition in the Bitcoin mining space intensifies, the ability to access and utilize large amounts of power efficiently becomes increasingly important. Bitfarms’ decision to invest in the Sharon site underscores the company’s understanding of this dynamic and its determination to stay ahead of the curve.
The expansion into the U.S. market also reflects Bitfarms’ confidence in the future of Bitcoin and the broader cryptocurrency market. Despite the volatility that often characterizes the crypto industry, Bitfarms continues to invest in infrastructure and technology that will enable it to capitalize on future growth opportunities. The Sharon site, with its significant power capacity and strategic location, is a testament to this forward-looking approach.
As Bitfarms prepares to ramp up operations at the Sharon site, the company remains focused on its core objectives: increasing its Bitcoin mining capacity, enhancing its operational efficiency, and driving long-term growth. With the potential to reach 120 MW of power and support up to 8 EH/s of mining power, the Sharon site is set to become a critical asset in Bitfarms’ portfolio.
Conclusion
Founded in 2017, Bitfarms has rapidly expanded its operations and now oversees 12 fully operational Bitcoin data centers across multiple countries, with two additional centers currently under development. These facilities are strategically located in Canada, the United States, Paraguay, and Argentina, allowing Bitfarms to tap into diverse energy markets and optimize its mining operations.
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