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Bitfarms Ltd (NASDAQ:BITF) shares are trading higher. The company on Thursday issued new guidance for 2025 after announcing an agreement to develop power capacity in Pennsylvania.
What Happened: Bitfarms announced an agreement to develop up to 120 MW of power capacity and lease a site in Sharon, Pennsylvania.
Bitfarms said the site offers access to competitive electricity supply and provides the opportunity to optimize and hedge energy costs effectively. The power supply dynamics specifically offer load flexibility suitable for Bitcoin (CRYPTO: BTC) mining, the company said.
“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,” said Nicolas Bonta, chairman and interim CEO of Bitfarms.
The new site is expected to raise Bitfarms’ 2025 power capacity to 648 MW, an increase of 170%. As a result, the vertically integrated bitcoin mining company said it now projects over 35 EH/s in 2025.
Construction at the site is expected to begin immediately following closing. The existing structure will be retrofitted with the expectation of bringing 12 MW online in the fourth quarter of this year and the remaining online in the second half of 2025.
“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,” Bonta said.
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BITF Price Action: Bitfarms shares were up 5.76% at $2.57 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
