Bitcoin miner Bitfarms plans to expand its presence in the US by leasing a site in Sharon, Pennsylvania, where it will deploy 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 would be 12 megawatts (MW), with ambitions to scale up to 120 MW by 2025. Bitfarms aims to activate the first 12 MW by the end of this year, with full operational capacity expected by the second half of 2025.

The project will utilize the Pennsylvania-New Jersey-Maryland Interconnection (PJM) energy market, known for its ample energy supply and increasing focus on renewable sources. This strategic choice offers Bitfarms flexible energy options, potentially reducing electricity costs and diversifying its revenue streams.

Bitfarms plans to finance the setup by issuing 1,532,745 common shares. The arrangement includes a five-year lease for an 11,200-square-foot warehouse, with options to renew for up to 17 years or to purchase during the lease period.

Interim CEO Nicolas Bonta emphasized the significance of this expansion for enhancing Bitfarms' capacity and market position in the US. He projected that the US expansion would increase Bitfarms' power capacity to 648 MW by 2025, marking a 170% rise from its current capacity and a 47% increase from its estimated capacity by the end of 2024.

Bonta also highlighted the potential benefits of the Sharon facility, noting its capability to support 8 EH/s (exahashes per second), along with Bitfarms' recent acquisition of an additional 100 MW in Paraguay. He outlined a 2025 guidance of over 35 EH/s, pending the realization of additional opportunities in the company's pipeline.

Bitfarms' chief mining officer, Ben Gagnon, anticipates that the expansion will enable the company to generate additional revenue through participation in PJM's demand response programs and by providing reliable grid services.

Simultaneously, Bitfarms is facing a "hostile takeover" attempt by competitor Riot Platforms. In response, Bitfarms stated on June 12 that Riot's actions were not in the best interest of its shareholders and undervalued the company. Despite Riot's efforts to increase its stake in Bitfarms, the miner maintains that Riot's proposal does not reflect its true value.