Key takeout
- BitFarms has acquired base digital mining to secure a 1.1 GW growth pipeline in Pennsylvania.
- The acquisition will increase BitFarms' energy portfolio to 623 megawatts under its control.
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Bitcoin mining company BitFarms today announced that it has secured a 1.1 gigawatt growth pipeline at three Pennsylvania sites, expanding its presence in the PJM market and completing its acquisition of its base digital mining.
Under the terms of the agreement, the base shareholder received 2.52 Bit Farm shares for all shares of the base shares it owns.
Furthermore, the bases no longer exist as independent, publicly available companies. The entity has become a wholly owned subsidiary of Bitfarms. This means that BitFarms controls all of Stronghold's assets and operations. That inventory has been removed from Nasdaq Exchange.
The acquisition will increase BitFarms' energy portfolio to 623 megawatts under management, adding an active production capacity of 165 MW and an ready-to-use import capacity of 142 MW. The deal is expected to readjust BitFarms' year-end energy portfolio for 2025 to 80% North America and 20% international.
Bitfarms CEO Ben Gagnon said the acquisition will help strengthen the company's position in the US market, particularly within the PJM Energy region. The acquisition will expand America's presence and directly support BitFarms' strategic focus on developing large-scale HPC and AI businesses.
According to Gagnon, the combination of PJM pipelines with substantial gigawatt capacity and strategically located infrastructure offers outstanding and unique opportunities in both HPC/AI and Bitcoin mining sectors.
“Combined with Stronghold's portfolio of power assets and the strength of its management expertise and balance sheet, we are well positioned to create long-term value for our shareholders by implementing our US strategy and developing our HPC/AI business towards scale,” Gagnon said.
Bloomberg reported last August that Bitfarms agreed to acquire Stronghold Digital Mining for around $125 million in stock trading. The transaction includes an estimated liability of approximately $50 million and increased BitFarms' mining capabilities by providing additional power sources.
The acquisition came as BitFarm defended its attempts to acquire it by the riot platform.
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