Bitcoin mining firm BitFarms in the present day introduced that it has secured a 1.1 gigawatt development pipeline at three Pennsylvania websites, increasing its presence within the PJM market and finishing its acquisition of its base digital mining.
Below the phrases of the settlement, the bottom shareholder acquired 2.52 Bit Farm shares for all shares of the bottom shares it owns.
Moreover, the bases not exist as impartial, publicly obtainable corporations. The entity has develop into an entirely owned subsidiary of Bitfarms. Which means BitFarms controls all of Stronghold’s property and operations. That stock has been faraway from Nasdaq Trade.
The acquisition will enhance BitFarms’ vitality portfolio to 623 megawatts below administration, including an lively manufacturing capability of 165 MW and an ready-to-use import capability of 142 MW. The deal is anticipated to readjust BitFarms’ year-end vitality portfolio for 2025 to 80% North America and 20% worldwide.
Bitfarms CEO Ben Gagnon mentioned the acquisition will assist strengthen the corporate’s place within the US market, significantly throughout the PJM Power area. The acquisition will increase America’s presence and immediately help BitFarms’ strategic concentrate on creating large-scale HPC and AI companies.
In response to Gagnon, the mix of PJM pipelines with substantial gigawatt capability and strategically situated infrastructure provides excellent and distinctive alternatives in each HPC/AI and Bitcoin mining sectors.
“Mixed with Stronghold’s portfolio of energy property and the power of its administration experience and stability sheet, we’re nicely positioned to create long-term worth for our shareholders by implementing our US technique and creating our HPC/AI enterprise in the direction of scale,” Gagnon mentioned.
Bloomberg reported final August that Bitfarms agreed to amass Stronghold Digital Mining for round $125 million in inventory buying and selling. The transaction consists of an estimated legal responsibility of roughly $50 million and elevated BitFarms’ mining capabilities by offering further energy sources.
The acquisition got here as BitFarm defended its makes an attempt to amass it by the riot platform.
