Summary by Moomoo AI
Bitfarms Ltd., a global leader in Bitcoin data center operations, has announced a strategic acquisition of Stronghold Digital Mining, which is expected to significantly enhance and rebalance Bitfarms' energy portfolio. The acquisition, set to increase the company's energy capacity by 47% to 950 MW by the end of 2025, solidifies Bitfarms' position in the Bitcoin mining and high-performance computing/artificial intelligence sectors. In August 2024, Bitfarms mined 233 BTC, an 8% decrease from July, and increased its operational hashrate to 11.3 EH/s. The company also took control of a new mega-site in Sharon, PA, with plans to expand its total site capacity to 120 MW by 2025. Bitfarms sold 147 BTC in August as part of its treasury management, adding 86 BTC to its holdings, now totaling 1,103 BTC. The company's financial update indicates a strong treasury with $65.1 million in Bitcoin assets. Bitfarms' forward-looking statements suggest a focus on long-term growth and shareholder value, with an emphasis on sustainable energy use.
