Bitfarms increases capacity to 623 MW, strengthening its position in the mining industry.
Bitcoin mining company Bitfarms has announced the completion of its acquisition of Stronghold Digital Mining, securing a 1.1-gigawatt expansion across three sites in Pennsylvania.
Under the terms of the agreement, Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share they owned. As a result, Stronghold ceases to exist as an independent publicly traded company and is now a wholly owned subsidiary of Bitfarms, leading to the removal of its shares from Nasdaq.
Energy capacity expansion
With this acquisition, Bitfarms’ managed energy capacity grows to 623 MW, thanks to the addition of 165 MW of active generative capacity and 142 MW of immediately available import capacity.
By the end of 2025, Bitfarms’ energy portfolio is expected to rebalance to 80% in North America and 20% internationally.
Strategic positioning for the future
Bitfarms CEO Ben Gagnon stated that the acquisition will strengthen the company’s position in the U.S. market, particularly in the PJM energy region. The move directly supports Bitfarms’ strategy to expand its American presence and develop a high-performance computing (HPC) and AI business at scale.
“With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders by executing our US strategy and developing an HPC/AI business geared for scale.”
Stronghold Digital Mining’s acquisition
Last August, Bloomberg reported that Bitfarms had agreed to acquire Stronghold Digital Mining in an all-stock deal worth approximately $125 million. The deal included the assumption of $50 million in debt and enhances Bitfarms’ mining capacity by providing additional energy sources.
The acquisition comes as Bitfarms defended itself from a takeover attempt by Riot Platforms, which reportedly made a $950 million offer for its competitor.
