Bitfarms, a prominent Bitcoin mining company, revealed its plans for expansion into the United States on June 14th by establishing a new facility in Sharon, Pennsylvania. As per the company’s official announcement, Bitfarms has committed to develop a power capacity of up to 120 megawatts (MW) in the area. This new site, located within the Pennsylvania-New Jersey Maryland (PJM) Interconnection, will provide Bitfarms with access to competitive electricity rates and opportunities to manage and mitigate energy costs effectively.
The expansion is anticipated to enhance Bitfarms’ operational presence, increase its capacity to support 8 EH/s by 2025, and raise its total power capacity to 648 MW – marking a significant 170% rise from its current capacity. Nicolas Bonta, the chairman and interim CEO of Bitfarms, shared his thoughts on the expansion, highlighting its strategic importance.
By strategically positioning the Sharon expansion in a deregulated state, Bitfarms can engage in demand response and other curtailment programs, further diversifying its revenue streams. Ben Gagnon, the chief mining officer of Bitfarms, emphasized the significance of this move in broadening the company’s financial opportunities.
In conjunction with the expansion news, Riot Platforms disclosed an increase in its ownership stake in Bitfarms to 14%. Riot’s acquisition of an additional 1,432,063 common shares of Bitfarms represents approximately 0.35% of the company’s issued and outstanding shares. This move follows Bitfarms’ recent recovery from a share price drop triggered by concerns over the firm’s stability.
In other news, a Deepfake AI ‘gang’ managed to drain $11 million from an OKX account, while Zipmex faced scrutiny from the SEC: Asia Express.