United

Bitcoin

Mining company Bitfarms recently announced it entered into a hosting agreement with Stronghold Digital Mining to bring an additional 2.2 exhashes per second (EH/s) of computing power online during October 2024 — two months ahead of schedule.
The agreement will add 10,000 Bitmain T21 miners to Bitfarms’ Panther Creek facility in Pennsylvania and commence on Oct. 1.
Ben Gagnon, CEO of Bitfarms, touched on the expansive potential of the company’s sites in Pennsylvania and said the sites would be key to diversifying the company’s business operations. Gagnon explained that the sites:
<blockquote>
 "Provide access to energy trading opportunities, competitive power costs, and HPC/AI. We look forward to completing our acquisition of Stronghold and accelerating our strategy to diversify beyond Bitcoin mining to create greater long-term shareholder value.”
</blockquote>
Bitfarms will pay Stronghold a fee equivalent to 50% of the profits generated from the miner hosting agreement, which will renew annually until either party decides not to renew the contract.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitfarms-us-expansion-sharon-data-center" rel="null" target="null" text="null" title="null">Bitfarms assumes control of 120 MW mining mega-site in US</a>
<h2 id="stronghold-acquisition-comes-under-fire-from-riot-platforms">Stronghold acquisition comes under fire from Riot Platforms </h2>
Bitfarms recently <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitfarms-postpones-meeting-riot-board-changes-demand" rel="null" target="null" text="null" title="null">rescheduled its special shareholders meeting</a> — originally slated for Oct. 29 to Nov. 6 — to give the Bitfarms Special Committee “adequate time to review and respond” to demands made by Riot Platforms.
Riot Platforms, Bitfarms’ largest shareholder, issued an open letter to shareholders on Sept. 3&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/riot-open-letter-bitfarms-board-changes" rel="null" target="null" text="null" title="null">calling for changes</a>&nbsp;to the company’s board of directors. Riot characterized Bitfarms’ corporate governance as “broken” and proposed electing two independent candidates to the board.
In the <a data-ct-non-breakable="null" href="https://www.businesswire.com/news/home/20240903058824/en/Riot-Issues-Open-Letter-to-Fellow-Bitfarms-Shareholders-Ahead-of-Upcoming-Special-Meeting" rel="null" target="null" text="null" title="null">letter</a>, Riot Platforms specifically cautioned Bitfarms’ investors about Bitfarms’ acquisition of Stronghold — claiming that the deal was “designed to entrench” the Bitfarms board.
Riot also characterized the acquisition as “dilutive” to shareholder value — claiming that competitors were unwilling to buy Stronghold at the price Bitfarms paid to acquire the company.
<h3 id="bitfarms-responds-to-riot-s-claims">Bitfarms responds to Riot’s claims</h3>
Bitfarms <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitfarms-issues-response-to-riot-platforms-proposed-board-changes" rel="null" target="null" text="null" title="null">responded to Riot's proposals</a> by claiming that Riot proposed the board changes to further its own interests.
The embattled mining company also defended its acquisition of Stronghold Digitial Mining to rebalance its energy portfolio toward United States-based operations.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-mining-crackdown-epicenters-nft-phishing-scam-asia-express/" rel="null" target="null" text="null" title="null">Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express</a>

Miner Bitfarms accelerates 2.2 EH/s hosting agreement with Stronghold

Table of Contents

Cointelegraph

Other articles published on Sep 14, 2024

Experience Seamless Integration of EVM, Wasm, and Bitcoin with Qubetics – Secure Your Whitelist S...

Hamster Kombat Engages Players with Privacy Focus

After $1.5 Million Inflow, Is Ethereum ETF Signaling a Market Turnaround?

John Deaton Slams SEC For ‘Misconduct and Gross Overreach’

Bitcoin ETFs Record Over $400M Inflows, $62K BTC Price In Sight?

Invest $1,000 Today to Secure a $500,000 Portfolio by 2025

Join our free newsletter for daily crypto updates!