Bitcoin miner Bitfarms has reiterated the Riot Platforms takeover proposal would not be in the best interest of its shareholders and later announced it entered into an agreement to develop its first large-scale mining site in the United States, which will boost the miner's overall power capacity.

"Situated strategically within the Pennsylvania-New Jersey-Maryland Interconnection, the largest wholesale electricity market in the U.S., and located in a deregulated state, this site offers access to competitive electricity supply and provides the opportunity to optimize and hedge energy costs effectively," the company said a statement Thursday.

As a result, this raises Bitfarms' 2025 power capacity to 648 megawatts, 170% growth from its current capacity and up 47% from its targeted year-end …