Bitfarms, a prominent Bitcoin mining company, revealed its plans for expansion into the United States on June 14, with the establishment of a new site in Sharon, Pennsylvania. According to the official press release from the company, Bitfarms has committed to developing up to 120 megawatts (MW) of power capacity 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 set to enhance Bitfarms’ operational presence, supporting a capacity of 8 EH/s by the year 2025 and boosting the total power capacity of the company to 648 MW, marking a significant 170% increase from its current capacity. Nicolas Bonta, the chairman and interim CEO of Bitfarms, expressed his thoughts on the expansion, highlighting the strategic implications it holds for the company.
The strategic positioning of the Sharon expansion in a deregulated state enables Bitfarms to engage in demand response and other curtailment programs, enhancing its revenue stream accessibility. Ben Gagnon, the chief mining officer of Bitfarms, emphasized the importance of diversifying revenue streams through this expansion.
In parallel to Bitfarms’ expansion announcement, Riot Platforms also 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 by Riot follows a share price dip that Bitfarms experienced due to concerns about its stability.
In other news, a Deepfake AI ‘gang’ recently drained $11 million from an OKX account, while Zipmex faced regulatory scrutiny from the SEC in Asia Express magazine.