Bitcoin mining company Bitfarms has announced its expansion into the United States by establishing a new site in Sharon, Pennsylvania. With plans to develop up to 120 megawatts of power capacity in the region, Bitfarms aims to leverage competitive electricity rates and opportunities to optimize energy costs. The strategic location within a deregulated state allows the firm to participate in demand response programs. This expansion is projected to enhance operational efficiency, increase capacity to 8 EH/s by 2025, and boost total power capacity to 648 MW. Additionally, Riot Platforms has increased its ownership stake in Bitfarms to 14%, acquiring over 1.4 million common shares. The move comes amidst a recovery from a share price dip and signals confidence in Bitfarms' future prospects in the cryptocurrency mining sector. Read more AI-generated news on: https://app.chaingpt.org/news