Bitfarms (NASDAQ: BITF) stock jumped during pre-market trading Friday after the company announced a Pennsylvania power capacity expansion and updated 2025 guidance.
Bitfarms recently announced an agreement to develop up to 120 MW of power capacity and lease a site in Sharon, Pennsylvania. This strategic move aims to bolster Bitfarms’ operational capabilities and geographic footprint in the United States.
The chosen site is noted for its competitive electricity supply, offering Bitfarms an opportunity to optimize and hedge energy costs. The company highlighted that the power supply dynamics at the site are particularly suitable for Bitcoin mining operations.
Nicolas Bonta, Chairman and interim CEO of Bitfarms, expressed confidence in leveraging their operational expertise to maximize the site’s potential for efficient growth. He highlighted that this expansion strengthens Bitfarms’ industry position and enhances its geographical diversification strategy.
The new site will increase Bitfarms’ 2025 power capacity to 648 MW, marking a substantial 170% growth. Additionally, Bitfarms anticipates achieving over 35 EH/s (exahashes per second) in 2025.
The company expects to begin construction at the site immediately after closing the agreement. It will retrofit the existing structure to bring 12 MW online in the fourth quarter of this year, with the remaining capacity coming online in the second half of 2025.
Bonta said,
“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.”
Bitfarms (NASDAQ: BITF) Stock Price Action
As of 09:26 a.m. (Eastern Time) Friday, BITF stock traded at $2.98, marking a 6.04% increase compared to the previous trading session.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
