Bitfarms Ltd., a cryptocurrency mining company, has announced the acquisition of Stronghold Digital Mining, Inc., a move that has been in the works since before Stronghold became a public entity. The interview with Ben Gagnon, CEO of Bitfarms, revealed that the acquisition was part of a strategic plan to diversify and strengthen Bitfarms' position in the United States. The deal, valued at $175 million including debt, is expected to close in Q1 of the following year, with Bitfarms planning to operate Stronghold as a separate entity initially before fully integrating it. The acquisition will allow Bitfarms to tap into Stronghold's 307 megawatts of power capacity and potential expansion up to 1.6 gigawatts, significantly increasing Bitfarms' energy portfolio and operational efficiency. The merger is...Show More

Bitfarms Ltd., a cryptocurrency mining company, has announced the acquisition of Stronghold Digital Mining, Inc., a move that has been in the works since before Stronghold became a public entity. The interview with Ben Gagnon, CEO of Bitfarms, revealed that the acquisition was part of a strategic plan to diversify and strengthen Bitfarms' position in the United States. The deal, valued at $175 million including debt, is expected to close in Q1 of the following year, with Bitfarms planning to operate Stronghold as a separate entity initially before fully integrating it. The acquisition will allow Bitfarms to tap into Stronghold's 307 megawatts of power capacity and potential expansion up to 1.6 gigawatts, significantly increasing Bitfarms' energy portfolio and operational efficiency. The merger is anticipated to enhance Bitfarms' Bitcoin mining capabilities and energy trading, as well as provide environmental benefits through the reclamation of waste coal sites. The transaction is subject to shareholder and regulatory approvals, with the aim to increase Bitfarms' hashrate to 10 EH/s by 2025 and expand its energy portfolio to 950 MW by year-end 2025.