Bitfarms Buys 24MW Crypto Mining Facility in Washington State for $26M

Canadian bitcoin miner Bitfarms (BITF) has bought a 24 megawatt (MW) hydropower plant in Washington state that is expected to add 620 petahash (PH/s) of mining power, according to a statement from the company.

• Bitfarms paid $23 million in cash and $3 million in its own common shares at $7.17 per share.
• Bitfarms said the 24MW capacity will increase the company’s total mining power to 106MW and is expected to cost 25% less than the company’s other power plants in Quebec.
• “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 $4,000 per bitcoin when all miners are installed,” said Ben Gagnon, Bitfarms’ chief mining officer.
• Bitfarms had 1.8 EH/s of mining power as of Oct. 31, according to a recent presentation.
• The company also entered into a deal with the seller of the facility in Washington state to co-develop additional mining farms in the area, which could increase total mining capacity up to 99MW.
• On Oct. 27, the company said it is constructing two production facilities in Sherbrooke, Québec, that are slated to be completed in two phases next year, adding 78MW of total capacity.
• Shares of Bitfarms rose more than 3% on Thursday and have climbed 331% this year.