Originally published on: November 01, 2024
Bitfarms, a leading crypto mining firm, has recently sealed a deal with Stronghold Digital Mining to deploy an additional 10,000 miners at its Pennsylvania site. This marks Bitfarms’ second hosting agreement with Stronghold, aimed at optimizing operations and boosting efficiency.
CEO Ben Gagnon expressed excitement about the rapid upgrades at Stronghold’s Pennsylvania sites, emphasizing the near-term value it will bring to Bitfarms. The combined fleet of 20,000 miners at the sites is expected to enhance overall efficiency and reduce capital expenditure requirements.
By vertically integrating operations with Stronghold’s power generation infrastructure, Bitfarms aims to take greater control over its cost of power. Through energy trading and better utilization of Bitmain’s T21 miners, the company seeks to maximize operational productivity.
The initial agreement is set to expire on Dec. 31, 2025, with automatic yearly renewals thereafter. Bitfarms will pay Stronghold 50% of the monthly profits generated by the miners, showcasing a mutually beneficial partnership.
Despite the positive news, Bitfarms’ stock experienced a slight dip following broader market movements. However, the company remains optimistic about expanding its U.S. footprint and diversifying beyond Bitcoin mining.
With 12 operating Bitcoin data centers and two in development, Bitfarms is committed to sustainable practices, primarily utilizing renewable hydroelectric power for its mining facilities.
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