Summary by Moomoo AI
Bitfarms has entered into a second miner hosting agreement with Stronghold Digital Mining for deploying 10,000 additional miners at Stronghold's Scrubgrass site in Pennsylvania, with energization expected to begin in December 2024. The agreement will expire on December 31, 2025, with automatic one-year renewal options.Under the agreement terms, Bitfarms will pay Stronghold 50% of the profit generated by the miners and has deposited $7.8 million as a refundable power cost security. The miners, originally planned for the Yguazu, Paraguay site, will achieve an efficiency of ~20.5 w/TH, improving the overall fleet efficiency. Combined with the previous agreement, Bitfarms will deploy 20,000 miners across Stronghold's Pennsylvania sites.The partnership allows Bitfarms to optimize assets through rapid upgrades while reducing capital expenditure by leveraging Stronghold's existing power generation infrastructure. The company aims to enhance power cost control through energy trading and better utilization of T21's operating modes, supporting its strategy to expand U.S. operations beyond Bitcoin mining.
