Bitcoin
miner
Bitfarms
is
set
to
expand
its
operations
in
the
US
by
leasing
a
site
in
Sharon,
Pennsylvania,
and
deploying
miners
that
can
output
600
PH/s
of
hashrate.
In
a
June
13
statement,
the
firm
said
the
site’s
initial
capacity
will
be
12
megawatts,
with
plans
to
expand
to
120
MW
by
2025.
Bitfarms
expects
to
bring
the
first
12
MW
online
before
the
end
of
this
year,
with
the
full
capacity
operational
by
the
second
half
of
2025.
The
project
will
leverage
the
Pennsylvania-New
Jersey-Maryland
Interconnection
(PJM)
energy
market,
where
energy
supply
is
abundant
and
renewable
sources
are
increasingly
prioritized.
This
provides
Bitfarms
with
flexible
energy
opportunities,
potentially
lowering
electricity
costs
and
diversifying
revenue
streams.
Funding
details
Bitfarms
said
the
setup
will
be
funded
by
issuing
1,532,745
common
shares.
The
agreement
includes
a
five-year
lease
for
an
11,200-square-foot
warehouse,
with
options
to
renew
for
up
to
17
years
or
to
purchase
during
the
lease
term.
Bitfarms’
Interim
CEO
Nicolas
Bonta
highlighted
the
significance
of
this
expansion
for
the
firm’s
capacity
and
market
position.
He
noted
that
the
US
expansion
would
boost
Bitfarms’
2025
power
capacity
to
648
MW,
a
170%
increase
from
its
current
capacity
and
a
47%
rise
from
its
projected
year-end
2024
capacity.
Bonta
added:
“With
the
site’s
ability
to
support
8
EH/s,
alongside
our
recent
acquisition
of
an
additional
100
MW
in
Paraguay,
we
project
2025
guidance
of
over
35
EH/s.
As
additional
opportunities
in
our
pipeline
come
to
fruition,
we
will
update
both
our
contracted
power
capacity
and
our
2025
EH/s
target.”
Bitfarms
chief
mining
officer
Ben
Gagnon
said
the
expansion
will
allow
the
firm
to
potentially
earn
additional
revenue
by
participating
in
PJM’s
demand
response
programs
and
providing
reliable
services
to
the
grid.
Hostile
takeover
Bitfarms’
expansion
moves
come
as
rival
Riot
Platforms
is
planning
a
“hostile
takeover”
of
its
operations.
In
a
June
12
statement,
Bitfarms
stated
that
Riot’s
actions
were
not
aligned
with
its
shareholders
and
that
their
attacks
were
efforts
to
push
their
low-ball
bid.
It
stated:
“After
carefully
reviewing
and
evaluating
Riot’s
proposal,
the
Special
Committee
determined
that
the
proposal
significantly
undervalues
Bitfarms
and
is
not
in
the
best
interest
of
shareholders.”
Meanwhile,
according
to
SEC
filings,
Riot
has
spent
over
$100
million
to
raise
its
stake
in
the
Canada-based
miner
to
13%
as
of
press
time,
from
roughly
4%
when
the
unsolicited
offer
was
first
made.
Mentioned
in
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article
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Author: Oluwapelumi Adejumo
