• The first large-scale U. S. site supports 8 EH/s by 2025 with a deployment of six hundred PH/s by 2024 • Strategically located in the PJM interconnection market, offering cheap networks,. . . pic. twitter. com/4JAbTVfJzl
— Bitfarms (@Bitfarms_io) June 13, 2024
Located within what’s known as the Pennsylvania-New Jersey-Maryland interconnector, Bitfarm Interim President and CEO Nicolas Bonta said the largest wholesale electric power market in the U. S. is the largest wholesale market for electric power. U. S. improves [Bitfarm’s] geographic diversification. “
Bitfarms said access to the 11,200-square-foot warehouse in the U. S. UU. se paid for by issuing 1. 5 million stock of common inventory. Listed on the Nasdaq stock exchange, Bitfarm (NASDAQ:BITF)’s stock value has increased by around 140% over the past year to around $2. 81, at the time of writing.
Meanwhile, the company will oppose Riot Platforms, which announced earlier this month that it had accumulated 12% of Bitfarm’s prominent stock.
Accusing Bitfarm’s board of directors of “poor corporate governance,” Riot said it intends to call a Bitfarm shareholder meeting to appoint Array as more independent and qualified.
The move was met with acrimony from Bitfarms, which went on to say that Riot’s proposal “significantly undervalues Bitfarms and is not in the most productive interest of shareholders. “The conclusion was reached through a special committee of independent directors, Bitfarms noted.
“Attacking Bitfarms’ governance is only hypocritical, but also a thinly veiled ploy to expose Riot’s self-serving timeline and attempt to get Bitfarms at a discounted price,” he continued. “Riot acted with smart faith. “
Riot accused Bitfarms of poor governance by mocking the so-called poison pill, in which Riot would supposedly be prevented from owning 15% of Bitfarm’s non-unusual inventory without making a “formal takeover offer” to buy them all. Bitcoin based miner.
Poison pills are a common defensive tactic in the business world, where a company takes steps to make its stock less attractive to buy and deter potential buyers.
“Instead of interacting with us privately and in smart faith, Bitfarms responded by deploying a poison pill outside of the market,” Riot CEO Jason Les said in a statement. “We will continue to address the serious corporate governance issues at Bitfarms. “
Editing by Ryan Ozawa.
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