Bitfarms stock up 15% after anouncing large-scale mining site

Bitfarms, a Bitcoin mining company, saw a significant increase in its stock price after announcing plans to construct a large-scale mining site in Sharon, Pennsylvania. The company entered into an agreement to build a power plant with a capacity of up to 120 MW, which will significantly boost its overall power capacity. This news caused Bitfarms shares (BITF) to rise by 15%. The company highlighted the strategic location of the mining site, situated within the largest wholesale electricity market in the US, providing access to competitive electricity prices. Bitfarms aims to increase its power capacity to 648 megawatts by 2025, representing a 170% increase from its current capacity. This announcement comes amidst a takeover bid from Riot Platforms, which Bitfarms rejected, leading to further disagreements between the two companies. Despite the obstacles, Bitfarms remains focused on expanding its mining capabilities and ensuring the best outcomes for its shareholders.