Bitfarms Expands to Pennsylvania as Riot Platforms Increases Ownership Stake to 14%
Bitfarms Ltd., a leading crypto mining company specializing in Bitcoin (BTC), has announced plans to expand its operations to Sharon, Pennsylvania, and secured a significant agreement to develop a new mining facility. This strategic move comes as Riot Platforms increases its ownership stake in Bitfarms to 14%.
Notably, these developments have significantly boosted Bitfarms’ stock price by more than 16% in the last 24 hours, reflecting investor confidence in the company’s growth and expansion strategies.
On June 13, Bitfarms Ltd. revealed its agreement to construct a new mining facility in Sharon, Pennsylvania. The new site will have a power capacity of 120 megawatts and is strategically located within the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the largest wholesale electricity market in the United States.
This expansion will enhance Bitfarms’ mining capacity and operational efficiency, further solidifying its position in the competitive crypto-mining market. Nicolas Bonta, Bitfarms’ chairman and interim CEO, emphasized the strategic importance of the expansion, noting that it strengthens the company’s position in the industry and enhances geographical diversification. Bonta said,
“Executing on our strategy to cost-effectively expand our operating footprint in the U.S., we have entered into an agreement for flexible power trading within the PJM. Leveraging our operational excellence and farm design expertise, we’re poised to optimize this site, facilitating efficient growth.”
The announcement led to a notable increase in Bitfarms’ stock price, with shares rising over 16% after the market closed. The stock is currently trading around $4.01.
Bitfarms plans to leverage its farm design expertise and
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