Bitfarms’ stock surged 15% after announcing a large-scale mining site in Sharon, Pennsylvania. This project will increase power capacity and Bitcoin mining capabilities by 2025.
Bitfarms rejected Riot Platforms’ takeover bid, highlighting that it would not benefit shareholders. Instead, Bitfarms plans to build a 120 MW power plant, positioning it strategically in the U.S.’s largest wholesale electricity market.
This new site will boost Bitfarms’ power capacity to 648 MW by 2025, a 170% increase from its current capacity. The site is expected to support 8 EH/s, contributing to a total projection of over 35 EH/s in 2025.
Riot Platforms remains vocal about corporate governance issues at Bitfarms, despite Bitfarms’ implementation of a “poison pill” defense. Riot has increased its ownership to 13.1% after acquiring nearly 6 million shares.
This strategic move by Bitfarms positions it for significant growth in the competitive Bitcoin mining industry.
