Bitfarms Plans to Scale Operations with a 120 MW Facility in the U.S. and Sets High Targets for 2025

Bitfarms Ltd. BITF, a global Bitcoin mining company, has recently announced its expansion into the United States with an ambitious plan to develop a 120 megawatts (MW) mining facility. The company's significant growth strategy is aligned with its 2025 target, which aims to achieve an impressive 35 exahash per second (EH/s) of computational power.

Strategic U.S. Expansion

In its first major move into the U.S. market, Bitfarms expects to support 8 EH/s by 2025 with an initial deployment of 600 petahash per second (PH/s) in 2024. The facility is strategically located in the PJM Interconnection market, known for its low-cost and flexible power solutions—a critical factor for the energy-intensive process of cryptocurrency mining. This expansion is not just a significant milestone for the company but also underscores the growing trend of cryptocurrency operations tapping into the U.S. energy market.

Increasing Power Capacity and Company's Guidance

With the development of this facility, Bitfarms' power capacity is set to increase to 648 MW by 2025, marking a substantial 170% increase from its current 240 MW capacity. This expansion underlines the company's commitment to growing its operations and reinforcing its position in the cryptocurrency mining sector. Furthermore, Bitfarms has established bold guidance for investors, showcasing confidence in their operational strategy and future growth prospects.

Investors in the cryptocurrency and blockchain space, including those interested in related stocks like Bitcoin CRYPTO:BTC, are watching Bitfarms' growth plans closely. The move to expand into a new key market while setting significant targets for the next few years is seen as a proactive strategy to cement Bitfarms' standing in the competitive landscape of crypto mining.

Bitfarms, Bitcoin, Expansion