- This move marks yet another step for Bitfarms in its journey to expand in the US.
- Bitfarms inked a deal to acquire rival Stronghold Digital last week.
As a seasoned researcher with a keen interest in the dynamic world of Bitcoin mining, I find myself increasingly captivated by Bitfarms’ ambitious expansion plans in the US. With my background in tracking and analyzing such trends, it is evident that the company’s strategic moves are not only well-timed but also strategically sound.
As an analyst, I am excited to announce that Bitfarms, the Bitcoin mining firm I work for, has finalized a lease agreement for a data center in Sharon, Pennsylvania. This strategic move will significantly boost our operations, adding approximately 120 megawatts (MW) to our capacity by the end of 2025. This is a significant milestone for us, marking our first large-scale US operation, and it aligns perfectly with our ambitious expansion plans within this country.
Through this contract, a total of 110 MW worth of power generation capacity has been sealed, with approximately 30 MW anticipated to become operational before the end of the current year. Additionally, the company has agreed in principle to secure another 10 MW by the end of the following year through a lease agreement.
In simpler terms, Bitfarms CEO Ben Gagnon discussed leasing the site, stating, “This location significantly boosts our U.S. presence by nearly seven times and marks the beginning of our ambitious expansion strategy in the United States.” Concerning its location, Gagnon pointed out that the Pennsylvania-New Jersey-Maryland (PJM) power grid is America’s largest wholesale electricity market. This grid provides plentiful access to competitively priced and flexible energy, making it an alluring choice for Bitcoin mining, energy trading, as well as High Performance Computing (HPC) and Artificial Intelligence (AI), among other applications.
The site provides more than eight exahashes of electricity for Bitfarms’ Bitcoin mining operations specifically, assuming the miner uses the most recent mining hardware. This enables energy savings and a substantial reduction in expenses. “Our team has already arranged to acquire the necessary equipment, and we anticipate having 30 MW of capacity operational by the end of 2024,” stated Gagnon.
Bitfarms Is Proactively Making Strides in the US
Last week, Bitfarms revealed its purchase of Stronghold Digital, a mining competitor based in the US, for an impressive $125 million. This move marks another significant step in Bitfarms’ efforts to expand its presence within the country. With this acquisition and access to the new large-scale facility, Bitfarms aims to reach a capacity of 950 MW by the end of 2025.
The swift growth strategies being implemented by mining companies, similar to others in the field, can be attributed to the reduction in mining rewards since April as a result of Bitcoin’s halving. In response to this decrease, these firms are either consolidating with or purchasing other companies, thereby gaining control over data centers and expanding their service offerings. This strategic move aims to cater to high-performance computing (HPC) and AI industries, thus compensating for the revenue loss and generating additional income.
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2024-08-30 17:40