Bitcoin mining continues to evolve as global players expand operations into regions with favorable energy economics and infrastructure. One of the latest developments comes from Bitfarms, a Canada-based leader in sustainable bitcoin mining, which has officially entered the U.S. market through the acquisition of a 24-megawatt (MW) hydropower-powered facility in Washington State.
This strategic move marks a pivotal step in Bitfarms’ international growth, reinforcing its commitment to low-cost, environmentally responsible mining operations. The new farm will house more than 6,000 Bitmain S19j Pro mining rigs and is projected to deliver a hashrate capacity of 620 petahashes per second (PH/s), significantly boosting the company’s global output.
Strategic Expansion into the United States
The decision to establish a foothold in the U.S. reflects Bitfarms’ long-term strategy of targeting locations with access to affordable, renewable energy. Washington State, known for its abundant hydroelectric resources, offers some of the lowest electricity rates in North America—approximately 25% cheaper than the power costs at Bitfarms’ Canadian facilities.
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Emiliano Grodzki, CEO of Bitfarms, emphasized the importance of cost efficiency and scalability:
“We prioritize locations with cost-effective electricity that allow for further growth and expansion. The Washington farm meets all these criteria. With this acquisition, we enter the United States and continue our global expansion to 10 farms in operation or under development in four countries.”
By tapping into Washington’s clean energy grid, Bitfarms not only reduces its operational expenses but also strengthens its environmental, social, and governance (ESG) profile—a key differentiator in an industry increasingly scrutinized for its carbon footprint.
Scaling Global Operations
The U.S. entry follows a series of aggressive expansions across multiple continents. In early October, Bitfarms signed engineering, procurement, and construction (EPC) contracts to develop a massive 210 MW mining facility in Argentina. Once complete, this site will support over 55,000 miners, making it one of the largest single-site operations in the company’s portfolio.
Around the same time, Bitfarms began construction on two new mining farms in Sherbrooke, Quebec—its home province—adding 78 MW of capacity and room for approximately 21,000 mining rigs. These projects underscore the company’s dual focus on geographic diversification and vertical integration within the mining ecosystem.
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These initiatives align with broader industry trends where miners are relocating or expanding into regions with stable regulatory environments and access to green energy. As global hash rate continues to climb post-China crackdown, efficient and sustainable operators like Bitfarms are well-positioned to capture market share.
Cost Efficiency and Profitability Outlook
One of the most compelling aspects of the Washington facility is its projected profitability. According to Ben Gagnon, Chief Mining Officer at Bitfarms, the combination of low-cost hydropower and high-efficiency hardware translates into highly competitive production economics.
“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 US$4,000 per bitcoin when all miners are installed, based upon prevailing mining difficulty levels and costs.”
At a production cost significantly below current market prices (assuming BTC trades above $40,000), this operation offers strong margin potential. Moreover, as Bitfarms integrates advanced cooling systems and optimized facility layouts, it expects ongoing improvements in energy efficiency and uptime reliability.
Nasdaq Listing and Market Position
Bitfarms made headlines earlier in the year when it began trading on the Nasdaq in June under the ticker "BITF," following its partnership with Foundry USA Pool in April. Despite this U.S. market entry via public listing, the company maintains its primary listing on the Toronto Stock Exchange (TSX), allowing it to leverage dual-market visibility and investor confidence.
Its strategic positioning benefited further during the summer months when China’s sweeping ban on cryptocurrency mining caused a temporary drop in global hash rate. As Chinese miners went offline, North American operators—including Bitfarms—ramped up production to fill the gap, capturing increased network rewards and solidifying their role in the decentralized mining landscape.
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Frequently Asked Questions (FAQ)
Q: Why did Bitfarms choose Washington State for its U.S. expansion?
A: Washington offers abundant hydropower at rates about 25% lower than those in northern Canada. This cost advantage enhances profitability while supporting sustainable mining practices.
Q: How many bitcoin can the new Washington farm produce daily?
A: Once fully operational with 6,200 Bitmain S19j Pro units, the facility is expected to generate nearly 3.7 BTC per day at an estimated production cost of $4,000 per BTC.
Q: What is Bitfarms’ total global capacity now?
A: With 10 farms either operating or under development across Canada, Argentina, Paraguay, and the U.S., Bitfarms continues scaling toward a multi-hundred-megawatt global footprint.
Q: Is Bitfarms focused only on hydroelectric power?
A: While hydropower is a primary energy source due to its reliability and low cost, Bitfarms actively explores other renewable options such as wind and solar to diversify its green energy portfolio.
Q: How does being listed on Nasdaq benefit Bitfarms?
A: The Nasdaq listing increases transparency, attracts institutional investors, and enhances credibility in the U.S. financial markets—key advantages for long-term growth.
Q: Are there plans for more U.S. mining sites?
A: While no additional U.S. sites have been announced yet, Bitfarms has expressed interest in expanding further within North America, especially in states with supportive regulatory frameworks and renewable energy infrastructure.
As the bitcoin mining industry matures, companies that combine operational efficiency with environmental responsibility are emerging as leaders. Bitfarms’ entry into the U.S. market with a 24 MW hydropower-powered facility exemplifies this shift—balancing profitability with sustainability in an increasingly competitive sector.
With ongoing projects in Argentina and Canada complementing its new American presence, Bitfarms is not just expanding geographically; it’s redefining what modern, scalable bitcoin mining looks like in 2025 and beyond.
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