Bitfarms, a prominent Bitcoin mining company, has made significant strides in its expansion plans, announcing a massive mining site in the United States. This move has led to a 15% surge in its stock price.

The company has entered into an agreement to construct a power plant with a capacity of up to 120 MW and lease a location in Sharon, Pennsylvania. This strategic location provides access to a competitive electricity supply and allows for effective energy cost optimization.

Bitfarms' power capacity is expected to reach 648 megawatts by 2025, representing a substantial 170% increase from its current capacity and a 47% increase from its targeted capacity by the end of 2024. The company also plans to support 8 EH/s at the new site, along with its recent acquisition of an additional 100 MW in Paraguay, projecting over 35 EH/s for 2025.

This development comes amidst a takeover bid from Riot Platforms, which was recently rejected by Bitfarms. Riot has continued to push for a takeover, citing "serious corporate governance issues" at Bitfarms. However, Bitfarms has implemented a Rights Plan, or "poison pill," to defend against potential takeover bids. Riot has acquired almost 6 million shares of Bitfarms, boosting its ownership to 13.1%.