Bitfarms Ltd., a global Bitcoin mining company, has announced a transformative merger with Stronghold Digital Mining, Inc., significantly expanding its U.S. presence and diversifying its business operations. The merger, announced on August 21, 2024, is part of Bitfarms' strategic focus on rebalancing its portfolio and growing its operations in the U.S., which currently represents 6% of its total portfolio. The deal includes two transactions for three sites in Pennsylvania within the PJM electricity market, increasing Bitfarms' U.S. power to 47% and North American exposure to 65% by the end of the following year. CEO Ben Gagnon highlighted the merger's alignment with Bitfarms' diversification goals, including energy generation, trading, and integration of high-performance computing (HPC) and artificial intelligence (AI). The transaction...Show More

Bitfarms Ltd., a global Bitcoin mining company, has announced a transformative merger with Stronghold Digital Mining, Inc., significantly expanding its U.S. presence and diversifying its business operations. The merger, announced on August 21, 2024, is part of Bitfarms' strategic focus on rebalancing its portfolio and growing its operations in the U.S., which currently represents 6% of its total portfolio. The deal includes two transactions for three sites in Pennsylvania within the PJM electricity market, increasing Bitfarms' U.S. power to 47% and North American exposure to 65% by the end of the following year. CEO Ben Gagnon highlighted the merger's alignment with Bitfarms' diversification goals, including energy generation, trading, and integration of high-performance computing (HPC) and artificial intelligence (AI). The transaction is expected to be completed by the end of the next year, subject to shareholder and regulatory approvals, and aims to grow Bitfarms' energy portfolio to 950 MW by year-end 2025, with a multi-year expansion capacity up to 1.6 GW. The merger is anticipated to be highly accretive, offering long-term value to shareholders and positioning Bitfarms as an industry leader.