Bitfarms acquires 24 MW of hydro power in U.S., inks MoU for expansion up to 99 MW

Bitfarms (NASDAQ:BITF) trades 4.3% higher premarket after it acquired a 24 MW hydro power farm in Washington state; till date, 4K Bitmain S19j Pro miners, with 400 petahash/second (PH/s) capacity, have already been installed under a 12 MW hosting agreement which commenced in July 2021 and was terminated on acquisition closure. The total consideration stood at $26M with $23M in cash and $3M in shares based on a price of $7.17 for 414,508 shares. In the newly acquired facility, the company plans to house ~6.2K Bitmain S19j Pro miners capable of 620 PH/s. It also entered into a MoU with the seller for co-developing additional farms in the area, increasing total mining capacity up to 99 MW in Washington. "With this acquisition, we enter U.S. and continue our global expansion to 10 farms in operation or under development in four countries. The initial 24 MW acquisition will increase our total mining capacity to 106 MW and boost our total