Bitfarms Ltd (TSXV: BITF) this morning announced expanded expansion plans for its Quebec facilities. The expansion is part of an effort by the company to bring facilities online that focus on the use of renewable energy amid an ESG push by the sector.
The company this morning announced that it intends to develop a new mining site in Sherbrooke, Quebec. Here, the company has reportedly ordered the required raw materials to develop a 66 MW facility in the city by the end of the year, which is to use hydroelectricity to power the facility. The additional facility is expected to be completed from an infrastructure standpoint by the end of 2021.
Combined with a recently announced expansion at tits Cowanville, Quebec, operation, the company expects to have a total of 79 MW of new mining infrastructure in the province by the end of the year, while total operations in the region are to amount to 148 MW, all of which is to be ran off of hydro power. The newly announced expansions are expected to support 21,000 new miners, capable of 2.1 EH/s of new production.
Separately, the company announced this morning that as of Friday the company had increased its operations to 1.42 EH/s of mining capacity. That figure is expected to climb to 1.7 EH/s by the end of summer 2021.
Bitfarms last traded at $4.48 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
