07:17 AM EDT, 08/27/2024 (MT Newswires) -- Bitfarms Ltd. ( BITF ) , a global vertically integrated Bitcoin data center company, entered Tuesday into the definitive lease agreement and has assumed control of its newest data center in Sharon, Pennsylvania, initially announced on June 13, 2024.

A statement noted this site represents Bitfarms' ( BITF ) first "mega-site" in the U.S. with access to up to 120 MW. With this transaction, Bitfarms ( BITF ) has closed on 110 MW, 30 of which are slated to come online by YE 2024. Bitfarms ( BITF ) has also signed a Letter of Intent for a lease to an additional 10 MW site, which will bring total site capacity to 120 MW in 2025.

"This site increases our U.S. presence nearly sevenfold and kickstarts our aggressive U.S. growth plan," said Ben Gagnon, Bitfarms ( BITF ) CEO. "The Pennsylvania-New Jersey-Maryland (PJM) grid is the largest wholesale electricity market in the U.S., offering abundant access to competitively priced and flexible power that is attractive for Bitcoin mining, energy trading, and HPC/AI, among other uses. For Bitcoin mining specifically, the site is expected to support up to 8 EH/s+ with the latest generation miners, and there are significant curtailment, demand-response and energy trading opportunities available to effectively hedge our energy costs and bring down the total cost of power. Our team has already ordered the necessary equipment, and our current expectation is to bring 30 MW of capacity online by year-end 2024."