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Bitcoin Stocks in Play - Bitfarms (Nasdaq: BITF) (TSX: BITF) Gains on Agreement to Develop 120 MW in U.S. and Provides 2025 Guidance of Over 35 EH/s


June 13, 2024 ( Newswire), a go-to platform for big investing ideas, reports on trading for Bitfarms Ltd. (Nasdaq: BITF) (TSX: BITF), a global vertically integrated Bitcoin mining company,

The stock is trading at $2.7700, gaining 0.3400, up 13.9350% on the NASDAQ with a morning high of $2.82 on volume of over 39 Million shares. The stock made the top percentage gainers list on the TSX, trading at $3.8200, up 0.4900, rising 14.71.

Bitfarms today announced an agreement to develop up to 120 MW of power capacity and lease a site in Sharon, Pennsylvania.

Situated strategically within the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the largest wholesale electricity market in the U.S., and located in a deregulated state, this site offers access to competitive electricity supply and provides the opportunity to optimize and hedge energy costs effectively. PJM enjoys an abundant energy supply that is rapidly adding renewable capacity and significantly contributing to the decarbonation of the grid. The power supply dynamics offer load flexibility suitable for Bitcoin mining, along with opportunities for participation in demand response and other curtailment programs, enabling Bitfarms to improve its corporate electricity price and further diversify its revenue streams.

"Executing on our strategy to cost-effectively expand our operating footprint in the U.S., we have entered into an agreement for flexible power trading within the PJM," said Nicolas Bonta, Chairman and Interim CEO. "Leveraging our operational excellence and farm design expertise, we're poised to optimize this site, facilitating efficient growth. This U.S. expansion not only strengthens our position in the industry but also enhances our geographical diversification. In addition, it raises our 2025 power capacity to 648 MW, 170% growth from current capacity and 47% growth from targeted year-end 2024 capacity. With the site's ability to support 8 EH/s, alongside our recent acquisition of an additional 100 MW in Paraguay, we project 2025 guidance of over 35 EH/s. As additional opportunities in our pipeline come to fruition, we will update both our contracted power capacity and our 2025 EH/s target. We remain committed to pursuing similar strategic ventures aimed at delivering significant value to our shareholders," concluded Mr. Bonta.

"This marks Bitfarms' debut in a largely de-regulated and curtailment-friendly U.S. power market," stated Ben Gagnon, Chief Mining Officer. "Bitfarms will actively monitor and manage our Bitcoin mining operations and participate in PJM's demand response programs to earn additional revenue and provide reliability services to the grid. Providing a flexible base load for PJM to call upon in hours of need is a Bitcoin mining operations responsibility to the electric grid and community. We look forward to working with our power partners and the local community to facilitate uninterrupted service during periods of grid stress."


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Dawn Van Zant and Cali Van Zant

800 665 0411