United

Bitcoin

Bold

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/">Bitfarms</a> Ltd., a global Bitcoin mining company, has announced its acquisition of Stronghold Digital Mining, Inc., a major player in the Bitcoin mining and energy sectors. The transaction, valued at approximately $125 million in equity plus $50 million in assumed debt, aims to expand Bitfarms’ energy portfolio to 950 megawatts (MW) by the end of 2025, with nearly 50% of this capacity located in the United States, according to <a href="https://investor.bitfarms.com/news-events/press-releases/detail/262/bitfarms-to-acquire-stronghold-digital-mining">Bitfarms</a>. 
Stronghold brings significant assets to the merger, including 4.0 exahashes per second (EH/s) of mining power and 165 MW of nameplate generated power capacity, with the potential to scale up to 10 EH/s by 2025 through fleet upgrades. The company also owns two environmentally recognized power plants in Pennsylvania and has access to the PJM grid, the largest electricity market in the U.S. These facilities contribute to environmental remediation efforts by converting mining waste into power. 
The merger is expected to close in the first quarter of 2025, subject to shareholder and regulatory approvals. Upon completion, Stronghold shareholders will receive 2.52 shares of Bitfarms for each share they own, representing a 71% premium. The combined company will focus on expanding its energy generation and trading capabilities while enhancing its Bitcoin mining operations. 
This strategic acquisition aligns with Bitfarms’ long-term goal of diversifying beyond Bitcoin mining and creating greater shareholder value through environmental leadership and sustainable energy practices.

Bitfarms’ Bold Move: $125M Stronghold Acquisition to Double U.S. Mining Power

Ultramining_Eng

Other articles published on Aug 22, 2024

Bitcoin Transaction Fees Jumped from $0.26 to $132: The Reason Is Now Clear

Sun rises: Tron’s new memecoin deployer flips Pump.fun

Bithumb Claims Victory In 130M Won Corporate Tax Lawsuit

Binance and CZ Face Lawsuit in Seattle Federal Court Over Alleged Money Laundering Practices

Crypto Reacts to Fed's Market Signal: Details

Floki Trading Bot Goes Live on Mainnet for BNB, ETH, and Base

Join our free newsletter for daily crypto updates!