Bitfarms buys land, building for new bitcoin farm in Sherbrooke, Quebec

Bitfarms (NASDAQ:BITF) has acquired land and a building in Sherbrooke, Quebec, to house a bitcoin (BTC-USD)-mining facility that's expected to have a power capacity of 18 megawatts. The total purchase price for the Garlock site consists of C$2.25M in cash and 25,000 common share purchase warrants. Each warrant will entitle the holder to buy one common share of Bitfarms (BITF) at US$3.47 (C$4.43) for two years from issuance date. The new facility, to be called Garlock, will replace the existing de la Pointe facility, which will eventually be retired as it has previously announced. The move also boosts the number of bitcoin farms in development to four from three. "When completed, total planned capacity of our three Sherbrooke farms, which also include Leger and The Bunker, will fully utilize Hydro-Sherbrooke’s contracted power of 96 MW," said Bitfarms (BITF) President and COO Geoff Morphy. The Garlock farm is expected to start up in