Bitcoin mining firm Bitfarms has finalized its acquisition of Stronghold Digital Mining, getting access to a 1.1-gigawatt vitality pipeline throughout three websites in Pennsylvania.
The deal considerably enhances Bitfarms’ presence within the PJM market, a key vitality area in america, in keeping with a Monday press release.
Beneath the settlement, Stronghold shareholders obtained 2.52 Bitfarms shares for every Stronghold share they held.
Stronghold Digital Delisted from NASDAQ Following Bitfarms Acquisition
With the transaction full, Stronghold has ceased to exist as an impartial public entity and has been delisted from the NASDAQ trade.
It's now a wholly-owned subsidiary of Bitfarms, with the latter taking full management of Stronghold’s property and operations.
The acquisition boosts Bitfarms’ whole vitality portfolio to 623 megawatts underneath administration, including 165 MW of lively energy era and 142 MW of instantly accessible import capability.
The transfer additionally rebalances Bitfarms’ vitality combine, shifting its 2025 projections to 80% North American-based operations and 20% worldwide.
Bitfarms CEO Ben Gagnon emphasised that the deal strengthens the corporate’s foothold within the U.S., significantly inside the PJM vitality grid.
He highlighted the strategic significance of integrating Stronghold’s infrastructure to assist each Bitcoin mining and high-performance computing (HPC) for synthetic intelligence (AI).
“With Stronghold’s portfolio of energy property, mixed with our operational experience and stability sheet power, we're nicely positioned to create long-term worth for our shareholders by executing our U.S. technique and creating an HPC/AI enterprise geared for scale,” Gagnon acknowledged.
Bitfarms initially agreed to accumulate Stronghold Digital Mining in a stock-based transaction valued at roughly $125 million, together with round $50 million in assumed debt, in keeping with Bloomberg.
The acquisition comes as Bitfarms fends off an unsolicited $950 million takeover bid from Riot Platforms, which had tried to accumulate the corporate earlier this yr.
US Dominates Bitcoin Mining with Over 40% of International Hashrate
On the shut of 2024, america solidified its place as a pacesetter in Bitcoin mining, accounting for over 40% of the worldwide hashrate — the full computing energy securing the Bitcoin community.
U.S.-based mining swimming pools Foundry USA and MARA Pool performed a big function, collectively mining greater than 38.5% of all Bitcoin blocks.
Foundry USA elevated its hashrate from 157 exahashes per second (EH/s) at first of the yr to roughly 280 EH/s by December.
The expansion cemented Foundry USA’s place as the biggest mining pool globally, with management over 36.5% of the Bitcoin community’s whole hashrate.
As reported, Jack Dorsey’s Block has also announced plans to ramp up investments in its Bitcoin mining initiative and self-custody Bitcoin pockets.
On the time, the corporate stated it might reallocate sources from its canceled “Web5” challenge, TBD, and reduce investments within the music-streaming service, Tidal, to assist this transfer.
Final month, Core Scientific also revealed plans for a $1.2 billion information heart enlargement in partnership with synthetic intelligence startup CoreWeave.
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