Bitfarms Boosts U.S. Bitcoin Mining Strength with Stronghold Acquisition

Bitfarms Ltd., a key player in the Bitcoin mining industry, has made headlines by completing its acquisition of Stronghold Digital Mining, Inc. on March 17, 2025. This major move not only increases Bitfarms’ energy portfolio but also establishes the company as the leading Bitcoin miner in the PJM market. By acquiring Stronghold, Bitfarms expands its influence in the fast-growing sectors of high-performance computing and artificial intelligence, setting the stage for an exciting future in the crypto world.

1.1 GW PA Growth Pipeline Strategically Located for HPC/AI and BTC Mining

With this acquisition, Bitfarms adds a substantial 1.1-gigawatt growth pipeline in Pennsylvania, which is crucial for both Bitcoin mining and potential high-performance computing applications. This growth pipeline represents a massive opportunity for Bitfarms, enabling them to tap into a region that is becoming increasingly important for energy generation and technology development.

Positions Bitfarms as the Leading Bitcoin Miner in PJM Market

Thanks to the Stronghold acquisition, Bitfarms significantly boosts its active generating capacity by 165 megawatts. With a total of 623 megawatts under management, Bitfarms not only leads the PJM market but also stabilizes its operations across North America. CEO Ben Gagnon highlighted that this move positions the company strongly for future growth and underscores the importance of operational efficiency in the competitive Bitcoin mining landscape.

Strategic MW Growth

• The acquisition allows Bitfarms to manage an additional 142 megawatts of import capacity.
• This strategic expansion ensures that Bitfarms can meet increasing energy demands while optimizing operational costs.
• By focusing on North American resources, Bitfarms aims to create a balanced energy portfolio by 2025, targeting an 80% North American and 20% international distribution.

U.S. Portfolio Expansion

Bitfarms is revamping its U.S. portfolio in a big way. The recent acquisition allows the company to harness regional energy sources and ensure sustainable mining practices. Having a significant portion of their operations in North America not only strengthens their market position but also aligns with growing efforts towards environmentally-friendly practices in tech sectors.

Advancement of HPC/AI Strategy

Strategically, this acquisition opens doors for Bitfarms to develop new projects focused on high-performance computing (HPC) and artificial intelligence (AI). With partnerships already in place, including major tech players such as WWT and ASG, these Stronghold sites are poised to transition to HPC and AI development. This diversification into AI technology not only shows Bitfarms’ forward-thinking approach but also enhances the potential for future growth.

Transaction Details

The acquisition deal was a stock transaction, where Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share they held. The total cost for Bitfarms to complete this acquisition was approximately $125 million, showcasing their commitment to extending their operations and managing their costs effectively while also investing in future growth.

About Bitfarms Ltd.

Bitfarms is a prominent Bitcoin mining company known for its commitment to providing environmentally sustainable services within the cryptocurrency sector. With growing operations across North America and established facilities that are constantly increasing their capacity, Bitfarms is positioned as a leader in the evolving landscape of digital currency mining.

As Bitfarms looks toward the future, the company’s acquisition of Stronghold not only expands its operations but also demonstrates its proactive approach to becoming a leader in the ever-evolving technology and cryptocurrency arenas. Exciting times lie ahead as Bitfarms navigates new opportunities for Bitcoin mining, HPC, and AI development.