Canadian bitcoin miner Bitfarms (BITF) has bought a 24 megawatt (MW) hydropower plant in Washington state that is expected to add 620 petahash (PH/s) of mining power, according to a statement from the company.

Bitfarms paid $23 million in cash and $3 million in its own common shares at $7.17 per share.
Bitfarms said the 24MW capacity will increase the company’s total mining power to 106MW and is expected to cost 25% less than the company’s other power plants in Quebec.
“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 $4,000 per bitcoin when all miners are installed,” said Ben Gagnon, Bitfarms’ chief mining officer.
Bitfarms had 1.8 EH/s of mining power as of Oct. 31, according to a recent presentation.
The company also entered into a deal with the seller of the facility in Washington state to co-develop additional mining farms in the area, which could increase total mining capacity up to 99MW.
On Oct. 27, the company said it is constructing two production facilities in Sherbrooke, Québec, that are slated to be completed in two phases next year, adding 78MW of total capacity.
Shares of Bitfarms rose more than 3% on Thursday and have climbed 331% this year.

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Bitfarms Buys 24MW Crypto Mining Facility in Washington State for $26M

The bitcoin miner plans to run approximately 6,200 Bitmain S19j Pro miners in the new hydro-powered facility, with potential capacity of 620 PH/s mining power.

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