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Bitfarms | 425: Filing under Securities Act Rule 425 of certain prospectuses and communications in connection with business combination transactions

SEC ·  Nov 4 19:04

Summary by Moomoo AI

Bitfarms Ltd., a global leader in Bitcoin data center operations, has entered into a second miner hosting agreement with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining, Inc. This follows an initial agreement announced in September and supports an additional 2.2 EH/s of mining capacity. The agreement, which is considered a 'designated news release' for Bitfarms' prospectus supplement, involves deploying 10,000 miners to Stronghold's Scrubgrass site in Pennsylvania, originally intended for Bitfarms' Yguazu site in Paraguay. Energization of the miners is expected to begin in December 2024. Bitfarms' CEO Ben Gagnon highlighted the efficiency and cost benefits of the agreement, which is set to expire on December 31, 2025, with automatic one-year renewals unless terminated. Bitfarms will pay Stronghold...Show More
Bitfarms Ltd., a global leader in Bitcoin data center operations, has entered into a second miner hosting agreement with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining, Inc. This follows an initial agreement announced in September and supports an additional 2.2 EH/s of mining capacity. The agreement, which is considered a 'designated news release' for Bitfarms' prospectus supplement, involves deploying 10,000 miners to Stronghold's Scrubgrass site in Pennsylvania, originally intended for Bitfarms' Yguazu site in Paraguay. Energization of the miners is expected to begin in December 2024. Bitfarms' CEO Ben Gagnon highlighted the efficiency and cost benefits of the agreement, which is set to expire on December 31, 2025, with automatic one-year renewals unless terminated. Bitfarms will pay Stronghold a monthly fee based on the profit generated by the miners and has deposited $7.8 million with Stronghold for estimated power costs, refundable at the end of the term. The agreement is part of Bitfarms' strategy to increase its U.S. presence and diversify beyond Bitcoin mining. Bitfarms, founded in 2017, operates 12 Bitcoin data centers with two under development and two hosting agreements across four countries, focusing on sustainable energy use. The company is in the process of acquiring Stronghold, subject to shareholder and regulatory approvals.

This announcement is a separate document:

Doc 1

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