Bitfarms gains control of new US site to boost Bitcoin mining

Bitfarms Ltd., a Bitcoin (CRYPTO:BTC) mining company, has announced it has taken control of a new data center in Sharon, Pennsylvania, marking its first mega-site in the United States. 

The site, located within the Pennsylvania-New Jersey-Maryland (PJM) grid, has access to up to 120 megawatts (MW) of power, which is both low-cost and flexible. 

This power setup is suitable not only for bitcoin mining but also for high-performance computing and artificial intelligence applications. 

The company plans to bring 30 MW of capacity online by the end of 2024 and expand to the full 120 MW capacity by 2025. 

The Sharon site is expected to achieve up to 8 exahash per second (EH/s) using advanced mining technologies. 

This expansion aligns with Bitfarms’ broader strategy of increasing geographical diversification and capitalising on energy trading opportunities within the PJM market. 

By establishing its first large-scale operation in the U.S., Bitfarms aims to strengthen its mining capabilities and reduce risks associated with regional concentration. 

The Pennsylvania site offers strategic advantages in terms of cost-effective energy and access to a competitive energy market, providing a significant boost to its operational footprint. 

The expansion is seen as a critical move for Bitfarms to maintain a competitive edge in the growing bitcoin mining sector. 

With the addition of this new facility, the company looks to improve its overall network hashrate and enhance its position in the market by leveraging the unique attributes of the PJM energy grid. 

This development supports Bitfarms’ goal of becoming a more geographically diverse and resilient player in the cryptocurrency mining industry. 

At the time of reporting, the Bitcoin price was $59,638.53.