Peterson McVicar acts for Bitfarms as it Acquires 24 Megawatts of Hydro Power in the U.S. and Enters into Memorandum of Understanding to Expand Up to 99 MW
On November 11, 2021 Bitfarms Ltd. (“Bitfarms” or the “Company”) announced that it had acquired a 24 Megawatt (MW) hydro power farm in Washington state, USA. To date, 4,000 Bitmain S19j Pro miners, capable of 400 petahash/second (PH/s), have already been installed under a 12 MW hosting agreement which began in July 2021 and was terminated upon the closing of the acquisition. Bitfarms plans to house approximately 6,200 Bitmain S19j Pro miners, capable of 620 PH/s, in the facility. Bitfarms has also entered into a Memorandum of Understanding (MOU) with the seller to co-develop additional farms in the area, increasing total mining capacity up to 99 MW in Washington.
Bitfarms purchased the 24 MW of infrastructure in Washington, with a dedicated cryptocurrency mining operation powered by low-cost green hydro power, 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.
Founded in 2017, Bitfarms is a global Bitcoin self-mining company, running vertically integrated mining operations with onsite technical repair, proprietary data analytics and Company-owned electrical engineering and installation services to deliver high operational performance and uptime.
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