Bitfarms Ltd., a global leader in Bitcoin data center operations, has entered into a second hosting agreement with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining, Inc. This agreement, announced on October 31, 2024, follows an initial hosting agreement made in September and supports an additional 2.2 EH/s of mining capacity. The new agreement involves the deployment of 10,000 miners at Stronghold's Scrubgrass site in Pennsylvania, which were originally intended for Bitfarms' Yguazu site in Paraguay. Energization of the miners is expected to begin in December 2024. Bitfarms' CEO, Ben Gagnon, highlighted the agreement's potential to provide significant near-term value and improve fleet efficiency. The initial term of the hosting agreement is set to expire on December 31, 2025, with...Show More

Bitfarms Ltd., a global leader in Bitcoin data center operations, has entered into a second hosting agreement with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining, Inc. This agreement, announced on October 31, 2024, follows an initial hosting agreement made in September and supports an additional 2.2 EH/s of mining capacity. The new agreement involves the deployment of 10,000 miners at Stronghold's Scrubgrass site in Pennsylvania, which were originally intended for Bitfarms' Yguazu site in Paraguay. Energization of the miners is expected to begin in December 2024. Bitfarms' CEO, Ben Gagnon, highlighted the agreement's potential to provide significant near-term value and improve fleet efficiency. The initial term of the hosting agreement is set to expire on December 31, 2025, with automatic one-year renewals unless terminated by either party. Bitfarms will pay Stronghold a monthly fee based on the profit generated by the miners and has deposited $7.8 million with Stronghold, estimated to cover three months of operational power costs, refundable at the end of the term. The agreement is part of Bitfarms' strategy to increase its U.S. presence and diversify beyond Bitcoin mining. Bitfarms operates 12 Bitcoin data centers with two under development and has hosting agreements with two data centers across Canada, the United States, Paraguay, and Argentina.