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Bitfarms | 6-K: Report of foreign private issuer (related to financial reporting)

SEC ·  05:22
Summary by Futu AI
On September 13, 2024, Bitfarms Ltd., a global leader in Bitcoin data center operations, announced a miner hosting agreement with Stronghold Digital Mining Hosting, LLC at their Panther Creek site in Pennsylvania. The agreement accelerates the deployment of 10,000 Bitmain T21 miners, originally scheduled for December 2024 in Paraguay, to October 2024. This move is expected to bring 2.2 EH/s online, two months ahead of schedule, and supports Bitfarms' guidance of reaching 21 EH/s by 2024 and over 35 EH/s by 2025. CEO Ben Gagnon highlighted the agreement as a milestone in optimizing assets and controlling power costs, with the potential for future expansion and energy trading opportunities. The initial term of the agreement runs until December 31, 2025, with automatic one-year renewals unless terminated. Bitfarms will pay Stronghold...Show More
On September 13, 2024, Bitfarms Ltd., a global leader in Bitcoin data center operations, announced a miner hosting agreement with Stronghold Digital Mining Hosting, LLC at their Panther Creek site in Pennsylvania. The agreement accelerates the deployment of 10,000 Bitmain T21 miners, originally scheduled for December 2024 in Paraguay, to October 2024. This move is expected to bring 2.2 EH/s online, two months ahead of schedule, and supports Bitfarms' guidance of reaching 21 EH/s by 2024 and over 35 EH/s by 2025. CEO Ben Gagnon highlighted the agreement as a milestone in optimizing assets and controlling power costs, with the potential for future expansion and energy trading opportunities. The initial term of the agreement runs until December 31, 2025, with automatic one-year renewals unless terminated. Bitfarms will pay Stronghold 50% of the profits generated by the miners, with adjustments for upfront payments, taxes, and net power costs. Additionally, Bitfarms deposited $7.8 million with Stronghold, estimated as three months of power costs, refundable at the initial term's end. The company, founded in 2017, operates 12 Bitcoin data centers with two under development across four countries, focusing on sustainable energy use.

This announcement is a separate document:

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