Bitfarms Buys Stronghold Digital Mining To Expand Energy Capacity

Bitfarms has completed its deal to buy Stronghold Digital Mining. The company said this move will help it get more power for mining Bitcoin. The deal will also help the firm use artificial intelligence (AI) computing along with Bitcoin mining. With this new step, the enterprise expects to increase its power capacity and improve its overall mining operations.

Bitfarms Gains More Power Sites

Bitfarms’ leader, Ben Gagnon, said the deal helps the company grow in the United States. He noted that the firm now owns more power sites in Pennsylvania. The firm’s three sites in the state have over 1 gigawatt (GW) of power. He added that these sites are useful for both AI and Bitcoin mining. The extra power will help the organisation run its mining systems more effectively and bring better results for its operations.

With the Stronghold Digital Mining deal, the organisation total energy under management (MWuM) has grown to 623 megawatts (MW). The company now has 165 MW of power in use and another 142 MW ready for use. This increase in power supply is expected to improve the company’s mining speed and make its operations more stable.

The Company Plans To Grow In The U.S.

The deal also gives the enterprise a 1.1 GW power plan in Pennsylvania. This extra power will help the firm improve its mining and AI work. More energy means the corporation can process more transactions and mine Bitcoin faster. At the time of this news, Bitcoin’s price was $83,000, showing a 6% increase in the past week.

The enterprise said this move supports its goal of growing in North America. The enterprise now controls 80% of its power in North America, with the remaining 20% spread across other parts of the world. This shift allows the firm to focus on expanding its business in the region while improving its mining capacity.

Bitfarms has also found chances to build two new power sites. These sites will have nearly 1 GW of power and will support AI and high-performance computing (HPC). Partners such as WWT and ASG will focus on Stronghold’s sites for AI projects. The organization believes AI computing will play an important role in its future plans.

The company will also add nearly 1 Exahash Under Management (EHuM) through its hosting deals with Canaan. The deal includes a 50% profit share. This increases the company’s total mining power to 18 EHuM, improving its mining work. The organisation also said Stronghold’s earlier hosting deals have now moved to the firm’s mining setup.

Bitfarms’ purchase of Stronghold Digital Mining is a major step in its U.S. expansion. The deal brings more power and mining ability, helping the firm focus on AI and high-performance computing. With these new developments, the organisation expects to grow its operations and improve its mining strength.