Bitfarms enters agreement to acquire 22 MW of hydro power capacity in Quebec

Bitfarms has entered into agreements to acquire 22 MW of hydro power capacity and to lease a site in Baie-Comeau, Quebec. The Baie-Comeau area is home to five hydro-electricity generation facilities with over 5.4 gigawatts nameplate capacity. "Executing our strategy to cost-effectively expand our operating footprint, we have entered agreements to add reliable hydro power in Quebec," said Geoff Morphy, CEO of Bitfarms. "Following the closing of the acquisition, we plan to keep the development and build-out costs low by leveraging our experienced Canadian-based team, utilizing a portion of our hardware credits for miner procurement, and applying infrastructure equipment repurposed from the December 2022 sale of our De La Pointe facility. Our in-house design team and electricians will retrofit the existing structure and expect to bring 11 MW online by the third quarter of 2023. We expect to commission the remaining 11 MW during the second half of 2024, providing strategic flexibility around the next BTC halving."