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Bitcoin miner Bitfarms expands capacity with $26M acquisition of Washington 24MW crypto mining facility

Bitfarms announced that it bought the Washington facility for $26 million paid for by a combination of cash and common shares.

Photo by Gerd Altmann of Pixabay

Mon, 15 Nov 2021, 07:33 am UTC

Bitcoin miner Bitfarms has been aggressively expanding its crypto mining capacity lately. The Canadian firm just bought a 24 Megawatt (MW) hydropower farm in Washington state, USA, which will be used to house more than 6,000 BTC miners to boost the company’s overall mining power.

Bitfarms announced that it bought the Washington facility for $26 million paid for by a combination of cash and common shares. “Bitfarms purchased the 24 MW of infrastructure in Washington, with a dedicated cryptocurrency mining operation powered by low-cost green hydropower, for total consideration of US$26 million: US$23 million in cash and US$3 million in common shares based on a price of US$7.17, for a total of 414,508 shares,” the company said..

At the moment, the facility already houses 4,000 Bitmain S19j Pro miners. With its current fleet of miners, the facility is capable of generating around 400 petahash/second (PH/s) of mining power.

However, Bitfarms plans to add more miners until the facility will house approximately 6,200 Bitmain S19j Pro miners. Once the machines become operational, the Washington farm will be capable of generating 620 PH/s of mining power.

“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,” Bitfarms CEO Emiliano Grodzki explained. “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.”

The company’s Chief Mining Officer Ben Gagnon said that the facility’s usage of hydropower allows it to use energy that is 25 percent cheaper than its Quebec plants. “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.”

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