Bitfarms, a Toronto-based Bitcoin miner, has announced plans to expand its operations to Pennsylvania, with the aim of increasing its total power capacity to 648 megawatts (MW) by 2025. The move comes as the company seeks to defend itself against a hostile takeover bid by Riot Platforms, a US-based Bitcoin mining giant.

According to a statement released by Bitfarms, the company has entered into an agreement to develop its first large-scale mining site in the US, which will be located in Sharron, Pennsylvania. The site is expected to add 120 MW of power capacity, with construction set to begin immediately. Bitfarms has lauded the location for its "competitive electricity supply," which is expected to enhance the company's geographical diversification.

The expansion plans have been met with enthusiasm from investors, with Bitfarms' shares surging 17% on the news. The company's stock price has increased by around 140% over the past year, and is currently trading at around $2.81 on the Nasdaq stock market.

However, the expansion plans are not the only significant development for Bitfarms in recent days. The company is also facing a hostile takeover bid by Riot Platforms, which has accumulated a 9.25% stake in Bitfarms and is seeking to acquire the company for $2.30 per share. Bitfarms has rejected the offer, stating that it "significantly undervalues" the company and is not in the best interest of shareholders.

Riot Platforms has accused Bitfarms of "poor corporate governance" and has announced plans to call a meeting of Bitfarms' shareholders to nominate new directors. Bitfarms has responded by implementing a "poison pill" defense tactic, which would prevent Riot from acquiring more than 15% of the company's shares without making a formal takeover bid.

The takeover bid has been met with resistance from Bitfarms, which has accused Riot of "hypocrisy" and "self-serving agenda." The company has also stated that Riot's proposal "does not reflect the true value of Bitfarms" and that it is "not in the best interest of shareholders."

The battle between Bitfarms and Riot Platforms is the latest development in the rapidly evolving world of Bitcoin mining. As the price of Bitcoin continues to fluctuate, mining companies are seeking to expand their operations and increase their power capacity in order to stay competitive. The expansion plans announced by Bitfarms are a significant move in this direction, and demonstrate the company's commitment to growth and diversification.

In addition to its expansion plans, Bitfarms has also announced that it has entered into an agreement to lease a 11,200-square-foot warehouse in Pennsylvania, which will be used to house its mining equipment. The company has paid for the lease by issuing 1.5 million common shares.

The move into Pennsylvania is a significant one for Bitfarms, which has previously focused its operations in Canada. The company's expansion into the US market is expected to enhance its geographical diversification and provide access to a larger pool of talent and resources.

As the Bitcoin mining industry continues to evolve, companies like Bitfarms are seeking to stay ahead of the curve by expanding their operations and increasing their power capacity. The battle between Bitfarms and Riot Platforms is a significant development in this context, and demonstrates the high stakes involved in the world of Bitcoin mining.