Bitfarms stock jumped over 15% today following word of a new significant mining site in Sharon, Pennsylvania. The company emphasizes its aims to significantly boost its power and Bitcoin mining capacity by 2025. This news comes shortly after the company turned down a purchase offer from Riot Platforms.
Bitfarms decided to develop a power station with up to 120 MW capacity and inked a contract leasing land in Sharon. By 2025, this project is anticipated to increase the company’s overall power capacity by 170% to reach 648 megawatts, marking the first major mining site in the United States. By the year 2024, its expected capacity will rise by 47%.
Bitfarms Announces Strategic Location and Increased Capacity Plans
Bitfarms said in a statement on Thursday, “Situated strategically within the Pennsylvania-New Jersey-Maryland Interconnection, the largest wholesale electricity market in the U.S., and located in a deregulated state, this site offers access to a competitive electricity supply and provides the opportunity to optimize and effectively hedge energy costs.”
With its capacity to endure 8 exahashes per second (EH/s) and the recent acquisition of an additional 100 MW in Paraguay, the company projects that by 2025, it will reach over 35 EH/s.
Recent events have seen Riot Platforms expressing continuous concerns over what it sees as “serious corporate governance issues” at Bitfarms. Bitfarms used a “poison pill” defense approach, but Riot has been vocal in its criticism, arguing that this behavior violates accepted legal and regulatory guidelines.
Following purchasing almost 6 million Bitfarms shares over the previous week, Riot Platforms raised its ownership ratio to 13.1%, according to a June 12 news release. This pertains to Riot’s failed takeover effort last month when BITF turned down an offer for its shares valued at $950 million.
Prominent Bitcoin mining business BITF argues that Riot’s intended merger will not help its investors. Recent events and planned growth in the American market underline BITF’ dedication to independently increasing operational capability and shareholder value.
The favorable response of the stock market to Bitfarms’ announcement exposes great investor trust in the company’s expansion plan and its capacity to profit from the developing Bitcoin mining sector.
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