Summary by Moomoo AI
Bitfarms Ltd., a global Bitcoin mining company, has entered into a definitive merger agreement to acquire Stronghold Digital Mining, Inc. in a stock-for-stock transaction valued at approximately US$125 million in equity and the assumption of US$50 million in debt. The merger, expected to close in the first quarter of 2025, will expand Bitfarms' energy portfolio to approximately 50% in the U.S. by year-end 2025 and provide a clear path to 950 MW active power capacity. Stronghold, a crypto asset mining company, brings 4.0 EH/s of hashrate and 165 MW of generated power capacity, with potential expansion to over 10 EH/s. The acquisition includes 142 MW of PJM import capacity with long-term expansion potential up to 790 MW. Bitfarms' CEO Ben Gagnon highlighted...Show More