Bitfarms Expands U.S. Presence with Stronghold Acquisition

The latest update is out from Bitfarms ( (TSE:BITF) ).

Bitfarms has completed its acquisition of Stronghold Digital Mining, significantly expanding its U.S. operations and positioning itself as a leading Bitcoin miner in the PJM market. This acquisition increases Bitfarms’ energy portfolio and secures a 1.1 GW growth pipeline in Pennsylvania, enhancing its capacity for both Bitcoin mining and potential high-performance computing/AI developments. The transaction also rebalances Bitfarms’ energy portfolio to 80% North American and 20% international, and adds nearly 1 Exahash Under Management through existing hosting agreements. This strategic move is expected to create long-term value for shareholders and marks a new chapter for Bitfarms.

More about Bitfarms

Founded in 2017, Bitfarms is a global Bitcoin and vertically integrated data center company that sells its computational power to mining pools, receiving payment in Bitcoin. The company develops, owns, and operates mining facilities with in-house management, electrical engineering, installation services, and technical repair centers. Bitfarms operates 15 Bitcoin data centers in the United States, Canada, Paraguay, and Argentina, utilizing environmentally friendly hydroelectric and long-term power contracts.

YTD Price Performance: -31.06%

Average Trading Volume: 39,358,693

Technical Sentiment Consensus Rating: Buy

Current Market Cap: $500.7M

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