Bitfarms Ltd., a leading publicly traded Bitcoin mining company, announced plans to acquire Stronghold Digital Mining, Inc., with the transaction expected to close in Q1 of next year. The announcement was made during an interview with Bitfarms' CEO, Ben Gagnon, at the H.C. Wainwright 26th Annual Global Investment Conference. Gagnon outlined Bitfarms' strategic growth plans, including expanding market share from 2% to an anticipated 3% by Q1 of the following year, and diversifying beyond Bitcoin mining. The acquisition of Stronghold will allow Bitfarms to vertically integrate with two power plants in Pennsylvania, significantly control energy costs, and expand its energy portfolio by over 300 megawatts. The company also plans to increase its hashrate and improve energy efficiency by 40%, with a robust pipeline to 35 exahash by...Show More

Bitfarms Ltd., a leading publicly traded Bitcoin mining company, announced plans to acquire Stronghold Digital Mining, Inc., with the transaction expected to close in Q1 of next year. The announcement was made during an interview with Bitfarms' CEO, Ben Gagnon, at the H.C. Wainwright 26th Annual Global Investment Conference. Gagnon outlined Bitfarms' strategic growth plans, including expanding market share from 2% to an anticipated 3% by Q1 of the following year, and diversifying beyond Bitcoin mining. The acquisition of Stronghold will allow Bitfarms to vertically integrate with two power plants in Pennsylvania, significantly control energy costs, and expand its energy portfolio by over 300 megawatts. The company also plans to increase its hashrate and improve energy efficiency by 40%, with a robust pipeline to 35 exahash by 2025. Additionally, Bitfarms aims to grow its power capacity to 955 megawatts by the end of the next year and further to 1.5 gigawatts, with a focus on environmental impact and operational excellence. The transaction is stock-based, preserving Bitfarms' balance sheet for future growth. Gagnon also highlighted the company's 'synthetic huddle strategy' for financial efficiency and the addition of skilled personnel to improve organizational structure.