Bitcoin mining company Bitfarms has announced its expansion into the United States with a new site in Sharon, Pennsylvania. This move comes as Riot Platforms increases its ownership stake in Bitfarms to 14%.
On June 14, Bitfarms revealed its plans to establish a significant presence in Pennsylvania, aiming to develop up to 120 megawatts (MW) of power capacity in the region.
According to Bitfarms’ official press release, the new site is part of the Pennsylvania-New Jersey-Maryland (PJM) Interconnection, which will provide the company with access to competitive electricity rates. This strategic location is expected to offer Bitfarms opportunities to optimize and hedge energy costs, enhancing their operational efficiency and sustainability in the competitive Bitcoin mining industry.
Summary Review: Bitfarms’ expansion into Pennsylvania marks a significant step in its growth strategy, leveraging the competitive energy rates and strategic location within the PJM Interconnection. This move is set to enhance Bitfarms’ operational capabilities and cost efficiency. Simultaneously, Riot Platforms’ increased stake to 14% in Bitfarms underscores the growing interest and investment in the Bitcoin mining sector. Together, these developments highlight the ongoing expansion and consolidation within the industry, positioning both companies for future success in the evolving digital asset landscape.
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