Key Takeaways:
- Bitfarms acquired a 120 MW Bitcoin mining site in Sharon, Pennsylvania, boosting its U.S. mining capacity nearly sevenfold.
- The site will support up to 8 exahashes per second, with 30 MW expected to be activated by the end of 2024.
- Bitfarms also acquired Stronghold Digital Mining, adding up to 307 MW, and plans to diversify into energy trading and high-performance computing.
Bitfarms, a leading Bitcoin mining company, has acquired its first large-scale U.S. site in Sharon, Pennsylvania, significantly boosting its mining capacity.
The site offers 120 megawatts (MW) of power, with 110 MW already secured. Bitfarms plans to activate 30 MW by year-end and expand to 120 MW by 2025.
We are pleased to announce that Bitfarms has assumed control of its newest data center in Sharon, Pennsylvania.
— Bitfarms (@Bitfarms_io) August 27, 2024
– Closed on 110 MW
– 30 MW expected online by YE 2024
– LOI signed for additional 10 MW
To learn more, see the full details here: https://t.co/lLVz6XJEeA#Bitcoin… pic.twitter.com/bwmKRGSYrl
This acquisition is part of an aggressive U.S. expansion strategy, increasing Bitfarms’ U.S. presence nearly sevenfold.
CEO Ben Gagnon emphasized the strategic importance of the site, which will support up to 8 exahashes per second.
Bitfarms also acquired Stronghold Digital Mining, adding up to 307 MW to its capacity, with plans to diversify into energy trading and high-performance computing.
#Bitfarms has taken control of a 120 #MW mining mega-site in #Sharon, #Pennsylvania, marking its first major U.S. expansion. The site is expected to significantly increase #Bitfarms' mining capacity and support up to 8 #exahashes per second.
— TOBTC (@_TOBTC) August 28, 2024
This acquisition is part of… pic.twitter.com/O42eZJFK8L
Founded in 2017, Bitfarms operates 12 data centers globally, with two more in development.
The company faces industry pressures from reduced mining rewards and other challenges.
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