Bitfarms Announces Assumption of Control of Sharon, PA Site
Bitfarms (Nasdaq/TSX: BITF) has assumed control of its first large-scale U.S. data center in Sharon, Pennsylvania, significantly expanding its U.S. footprint from 20 MW to 140 MW. The site, located in the PJM Interconnection market, offers access to up to 120 MW of low-cost, flexible power suitable for Bitcoin mining and HPC/AI operations. Bitfarms has closed on 110 MW, with 30 MW expected to be operational by the end of 2024. An additional 10 MW is planned for 2025, bringing the total site capacity to 120 MW.
CEO Ben Gagnon highlighted that the site could support up to 8 EH/s+ with the latest generation miners. The company expects to leverage curtailment, demand-response, and energy trading opportunities to optimize power costs. This strategic move marks the beginning of Bitfarms' aggressive U.S. growth plan, positioning the company to capitalize on the largest wholesale electricity market in the country.
Bitfarms (Nasdaq/TSX: BITF) ha assunto il controllo del suo primo data center su larga scala negli Stati Uniti a Sharon, Pennsylvania, espandendo significativamente la sua presenza negli Stati Uniti da 20 MW a 140 MW. Il sito, situato nel mercato PJM Interconnection, offre accesso fino a 120 MW di energia flessibile e a basso costo adatta per il mining di Bitcoin e operazioni HPC/AI. Bitfarms ha chiuso su 110 MW, con 30 MW che si prevede saranno operativi entro la fine del 2024. Un ulteriore 10 MW è previsto per il 2025, portando la capacità totale del sito a 120 MW.
Il CEO Ben Gagnon ha sottolineato che il sito potrebbe supportare fino a 8 EH/s+ con i minatori di ultima generazione. L'azienda prevede di sfruttare opportunità di limitazione, risposta alla domanda e commercio di energia per ottimizzare i costi energetici. Questa mossa strategica segna l'inizio del piano di crescita aggressivo di Bitfarms negli Stati Uniti, posizionando l'azienda per capitalizzare sul più grande mercato dell'elettricità all'ingrosso del paese.
Bitfarms (Nasdaq/TSX: BITF) ha asumido el control de su primer centro de datos a gran escala en EE. UU. en Sharon, Pennsylvania, expandiendo significativamente su presencia en EE. UU. de 20 MW a 140 MW. El sitio, ubicado en el mercado PJM Interconnection, ofrece acceso de hasta 120 MW de energía flexible y de bajo costo adecuada para la minería de Bitcoin y operaciones HPC/AI. Bitfarms ha cerrado acuerdos por 110 MW, y se espera que 30 MW estén operativos para finales de 2024. Se planea un adicional de 10 MW para 2025, llevando la capacidad total del sitio a 120 MW.
El CEO Ben Gagnon destacó que el sitio podría soportar hasta 8 EH/s+ con los mineros de última generación. La empresa espera aprovechar oportunidades de limitación, respuesta a la demanda y comercio de energía para optimizar los costos de energía. Este movimiento estratégico marca el inicio del agresivo plan de crecimiento de Bitfarms en EE. UU., posicionando a la empresa para capitalizar en el mercado mayorista de electricidad más grande del país.
Bitfarms (Nasdaq/TSX: BITF)는 펜실베이니아 주 샤론에 있는 첫 번째 대규모 미국 데이터 센터를 제어하게 되면서 미국의 전력 용량을 20 MW에서 140 MW로 크게 확장했습니다. PJM Interconnection 시장에 위치한 이 사이트는 비트코인 채굴 및 HPC/AI 작업에 적합한 최대 120 MW의 저비용, 유연한 전력에 접근할 수 있습니다. Bitfarms는 110 MW 계약을 체결했으며, 30 MW는 2024년 말까지 운영될 것으로 예상됩니다. 추가로 10 MW가 2025년에 계획되어 있어 사이트의 총 용량이 120 MW로 증가할 것입니다.
CEO 베니 온은 이 사이트가 최신 세대의 채굴기로 8 EH/s+를 지원할 수 있다고 강조했습니다. 이 회사는 전력 비용을 최적화하기 위해 제한, 수요 반응 및 에너지 거래 기회를 활용할 것으로 기대하고 있습니다. 이 전략적 조치는 Bitfarms의 공격적인 미국 성장 계획의 시작을 의미하며, 회사가 미국에서 가장 큰 도매 전기 시장을 활용할 수 있도록 자리 잡고 있습니다.
Bitfarms (Nasdaq/TSX: BITF) a pris le contrôle de son premier centre de données à grande échelle aux États-Unis, situé à Sharon, en Pennsylvanie, augmentant considérablement sa présence aux États-Unis de 20 MW à 140 MW. Le site, situé sur le marché PJM Interconnection, offre un accès à jusqu'à 120 MW d'énergie flexible et à faible coût adaptée à l'extraction de Bitcoin et aux opérations HPC/IA. Bitfarms a conclu un accord pour 110 MW, avec 30 MW prévus pour être opérationnels d'ici la fin de 2024. Un supplément de 10 MW est prévu pour 2025, portant la capacité totale du site à 120 MW.
Le PDG Ben Gagnon a souligné que le site pourrait supporter jusqu'à 8 EH/s+ avec les mineurs de dernière génération. L'entreprise prévoit de tirer parti des opportunités de réduction de la demande, de réponse à la demande et de négoce d'énergie pour optimiser les coûts de l'énergie. Ce mouvement stratégique marque le début du plan de croissance agressif de Bitfarms aux États-Unis, positionnant l'entreprise pour capitaliser sur le plus grand marché de l'électricité de gros du pays.
Bitfarms (Nasdaq/TSX: BITF) hat die Kontrolle über sein erstes großes Datenzentrum in den USA in Sharon, Pennsylvania, übernommen und somit seine Präsenz in den USA von 20 MW auf 140 MW deutlich erweitert. Der Standort, der sich im PJM Interconnection-Markt befindet, bietet Zugang zu bis zu 120 MW kostengünstiger, flexibler Energie, die für Bitcoin-Mining und HPC/AI-Operationen geeignet ist. Bitfarms hat einen Vertrag über 110 MW abgeschlossen, wobei 30 MW bis Ende 2024 in Betrieb genommen werden sollen. Ein weiteres 10 MW ist für 2025 geplant, was die Gesamtkapazität des Standorts auf 120 MW erhöht.
CEO Ben Gagnon hob hervor, dass der Standort bis zu 8 EH/s+ mit den neuesten Generationen von Minern unterstützen könnte. Das Unternehmen plant, Möglichkeiten zur Drosselung, Nachfrageantwort und Energietransaktionen zu nutzen, um die Energiekosten zu optimieren. Dieser strategische Schritt markiert den Beginn des aggressiven Wachstumsplans von Bitfarms in den USA und positioniert das Unternehmen, um vom größten Großhandelsstrommarkt des Landes zu profitieren.
- Expansion of U.S. footprint from 20 MW to 140 MW, a 7x increase
- Access to up to 120 MW of low-cost, flexible power in the PJM Interconnection market
- 30 MW expected to be operational by the end of 2024
- Site capable of supporting up to 8 EH/s+ with latest generation miners
- Opportunities for curtailment, demand-response, and energy trading to optimize power costs
- Significant capital expenditure required for expansion and equipment
- Potential risks associated with rapid expansion and new market entry
Insights
Bitfarms' acquisition of the Sharon, PA site marks a significant expansion of their U.S. operations, increasing capacity from 20 MW to 140 MW. This 7x growth in the U.S. footprint is a strategic move that could substantially boost the company's mining capabilities and revenue potential. The site's location in the PJM Interconnection market is particularly advantageous, offering low-cost, flexible power which is important for maintaining competitive mining operations.
The phased approach, with 30 MW coming online by YE 2024 and potential for up to 120 MW by 2025, allows for controlled scaling. This expansion could support up to 8 EH/s+ of mining capacity, potentially placing Bitfarms among the top Bitcoin miners globally. The focus on energy trading and curtailment opportunities suggests a sophisticated approach to managing operating costs, which is vital in the volatile cryptocurrency market.
The Sharon, PA site's potential for both Bitcoin mining and HPC/AI applications is noteworthy. This dual-use capability provides Bitfarms with flexibility to adapt to market demands. The PJM grid's competitive pricing and flexibility are ideal for high-energy-consumption operations like cryptocurrency mining and AI computing.
The planned 8 EH/s+ hashrate with latest generation miners indicates a significant computational power increase. This could enhance Bitfarms' competitiveness in Bitcoin mining, especially as network difficulty continues to rise. The emphasis on energy trading and demand-response opportunities showcases a forward-thinking approach to power management, potentially optimizing operational efficiency and profitability in an industry where margins can be tight.
Bitfarms' aggressive U.S. expansion aligns with the trend of Bitcoin miners diversifying geographically, particularly into North America. This move could improve the company's market position and investor perception, as U.S.-based operations often carry lower regulatory risks compared to some international locations.
The timing is interesting, coming just before the next Bitcoin halving event expected in 2024. This expansion could help Bitfarms maintain profitability post-halving by increasing scale and efficiency. The multi-use potential of the site for Bitcoin mining, HPC and AI applications also provides a hedge against cryptocurrency market volatility, potentially appealing to a broader range of investors and partners. This diversification strategy could strengthen Bitfarms' long-term market resilience.
- First U.S. large scale site; Increases U.S. footprint ~7x from 20 MW to 140 MW -
- Strategically located in PJM Interconnection market, providing access to low-cost, flexible power -
- Site well-suited for Bitcoin mining and HPC/AI -
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.
TORONTO, Ontario and BROSSARD, Québec, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms”), a global vertically integrated Bitcoin data center company, entered into the definitive lease agreement and has assumed control of its newest data center in Sharon, Pennsylvania, initially announced on June 13, 2024.
This site represents Bitfarms’ first mega-site in the U.S. with access to up to 120 MW. With this transaction, Bitfarms has closed on 110 MW, 30 of which are slated to come online by YE 2024. Bitfarms has also signed a Letter of Intent for a lease to an additional 10 MW site, which will bring total site capacity to 120 MW in 2025.
“This site increases our U.S. presence nearly sevenfold and kickstarts our aggressive U.S. growth plan,” said Ben Gagnon, Bitfarms CEO. “The Pennsylvania-New Jersey-Maryland (PJM) grid is the largest wholesale electricity market in the U.S., offering abundant access to competitively priced and flexible power that is attractive for Bitcoin mining, energy trading, and HPC/AI, among other uses. For Bitcoin mining specifically, the site is expected to support up to 8 EH/s+ with the latest generation miners, and there are significant curtailment, demand-response and energy trading opportunities available to effectively hedge our energy costs and bring down the total cost of power. Our team has already ordered the necessary equipment, and our current expectation is to bring 30 MW of capacity online by year-end 2024,” concluded Gagnon.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. Bitfarms’ proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.
To learn more about Bitfarms’ events, developments, and online communities:
www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/
Glossary of Terms
- HPC = High-performance computing
- AI = Artificial intelligence
- EH or EH/s = Exahash or exahash per second
- MW or MWh = Megawatts or megawatt hour
Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth, target hashrate, ability to take full advantage of PJM offerings and programs, opportunities relating to the Company’s geographical diversification and expansion, upgrading and deployment of miners as well as the timing therefor, other growth opportunities and prospects, and other statements regarding future growth, and plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.
This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of the Company’s facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the LOI on the 10 MW is subject to setting a definitive lease agreement and TSX approval, none of which is assured; the power purchase agreements and economics thereof may not be as advantageous as expected; the Bitcoin market; the ability to successfully mine Bitcoin; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current Bitcoin inventory, or at all; a decline in Bitcoin prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of Bitcoin prices; the anticipated growth and sustainability of hydroelectricity for the purposes of Bitcoin mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate Bitcoin mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the potential adverse impact on the Company’s profitability; the ability to complete current and future financings; the impact of the Restatement on the price of the Company’s common shares, financial condition and results of operations; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Investor Relations Contacts:
Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com
Innisfree M&A Incorporated
Gabrielle Wolf / Scott Winter
+1 212-750-5833
Laurel Hill Advisory Group
1-877-452-7184
416-304-0211
assistance@laurelhill.com
Media Contacts:
U.S.: Joele Frank, Wilkinson Brimmer Katcher
Dan Katcher or Joseph Sala
212-355-4449
Québec:Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca
FAQ
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