Bitcoin mining company Bitfarms plans to expand its operations in the US by leasing a site in Sharon, Pennsylvania, and deploying miners capable of producing 600 PH/s of hashrate.

In a statement on June 13, the company announced that the initial capacity of the site will be 12 megawatts, with plans to increase it to 120 MW by 2025. Bitfarms aims to bring the first 12 MW online before the end of this year, with full capacity operational by the second half of 2025.

The project will utilize the Pennsylvania-New Jersey-Maryland Interconnection (PJM) energy market, which offers abundant energy supply and emphasizes renewable sources. This strategic choice provides Bitfarms with flexible energy options, potentially reducing electricity costs and diversifying revenue streams.

Funding for the expansion will involve issuing 1,532,745 common shares. The agreement includes a five-year lease for an 11,200-square-foot warehouse, with options to extend for up to 17 years or to purchase the property during the lease period.

Bitfarms’ Interim CEO Nicolas Bonta highlighted the expansion's significance for increasing the company’s capacity and enhancing its market position. He noted that expanding into the US would elevate Bitfarms’ 2025 power capacity to 648 MW, marking a 170% increase from current levels and a 47% rise from projected capacity by the end of 2024.

Bonta further commented, “With the site’s capability to support 8 EH/s, combined with our recent acquisition of an additional 100 MW in Paraguay, we forecast achieving over 35 EH/s by 2025. As more opportunities in our pipeline materialize, we will update both our contracted power capacity and our 2025 EH/s target.”

Bitfarms’ chief mining officer Ben Gagnon added that the expansion will enable the company to potentially generate additional revenue by participating in PJM’s demand response programs and providing reliable grid services.

In parallel with its expansion plans, Bitfarms is contending with a "hostile takeover" attempt by rival Riot Platforms. Bitfarms stated on June 12 that Riot’s actions do not align with shareholder interests and characterized the bid as undervaluing the company. SEC filings indicate that Riot has significantly increased its stake in Bitfarms to 13%, from approximately 4% when the unsolicited offer was first made, spending over $100 million in the process.