- Bitfarms (BITF) has acquired 24 MW of hydro power in Washington state with an MOU for up to 99 MW
- The company purchased the infrastructure for US$23 million in cash and US$3 million in shares
- It plans to operate 6,200 miners in the facility, which would mine approximately 3.7 BTC per day based on current costs and difficulty levels
- Bitfarms is a global and vertically integrated Bitcoin mining company
- Bitfarms (BITF) is up by 4.05 per cent and is currently trading at $10.27 per share
Bitfarms (BITF) has acquired 24 MW of hydro power in Washington state with an MOU for up to 99 MW.
It purchased the infrastructure for US$23 million in cash and 414,508 shares priced at US$7.17 per share for a total of US$3 million.
To date, the company has installed 4,000 Bitmain S19j Pro miners capable of 400 PH/s under a previous 12 MW hosting agreement. It has since terminated the agreement and plans to install a further 2,200 miners in the facility.
The memorandum of understanding (MOU) with the seller involves the co-development of additional farms in the area.
Emiliano Grodzki, CEO of Bitfarms, stated,
“Bitfarms’ strategy is to expand our operating footprint while maintaining cost-effective production rates. By diversifying our decentralized mining portfolio, we prioritize locations with cost-effective electricity that allow for further growth and expansion. The Washington farm meets all these criteria.
With this acquisition, we enter the United States and continue our global expansion to 10 farms in operation or under development in four countries. The initial 24 MW acquisition will increase our total mining capacity to 106 MW and boost our total hashrate as additional miners are installed.”
Ben Gagnon, Bitfarms’ Chief Mining Officer, added,
“The facility’s hydropower is expected to cost approximately 25 per cent less than the average cost of power at our Québec farms, making it the most cost-effective source of power currently in our portfolio and reducing our corporate-wide average to below US$0.04/kwh.
This low-cost power combined with the industry-leading efficiency of the Bitmain S19j Pro means 6,200 miners in Washington could yield nearly 3.7 Bitcoin per day at a cost of approximately US$4,000 per Bitcoin when all miners are installed, based upon prevailing mining difficulty levels and costs. We are very excited to continue to complete strategic transactions that deliver significant value to our shareholders.”
Bitfarms is a global and vertically integrated Bitcoin mining company.
Bitfarms (BITF) is up by 4.05 per cent and is currently trading at $10.27 per share as of 10:03 am ET.
