As a seasoned crypto investor with over a decade of experience under my belt, I find this recent partnership between Bitfarms and Stronghold Digital quite intriguing. Having witnessed the volatility and rapid evolution of the crypto market, I’ve learned to appreciate strategic moves that not only boost computing power but also diversify operations.
Bitfarms is planning to incorporate 10,000 Bitmain T21 mining machines into one of their Stronghold Digital facilities. This move aims to enhance the overall computational power and broaden the scope of their operational activities.
As a researcher delving into the realm of Bitcoin mining, I’m excited to share that Bitfarms and Stronghold Digital have struck a deal. Under this agreement, Bitfarms will integrate 10,000 Bitmain T21 miners into Stronghold’s Panther Creek site in Pennsylvania, starting October 1. This addition is expected to boost my mining operations by an impressive 2.2 Exahashes per second (EH/s). Initially, the plan was to deploy these hardware systems in Yguazu, Paraguay, two months later in December 2024. However, this timeline has been accelerated for Pennsylvania.
The Agreement Will Help Bitfarms Expand Beyond Bitcoin Mining
Bitfarms’ CEO, Ben Gagnon, discussed how this move would allow the company to anticipate increasing energy costs and expand its operations as mining profits decreased in April. In other words, integrating our operations with Stronghold’s existing power generation facilities offers a solid route for ongoing, financially beneficial growth. He added that Stronghold’s sites in Pennsylvania have significant potential for long-term expansion, offering access to energy trading possibilities, affordable power rates, and opportunities in High Performance Computing (HPC) and Artificial Intelligence (AI).
Previously, Bitfarms disclosed its intentions to acquire Stronghold, a transaction set to be finalized next year. On this matter, Gagnon expressed his anticipation, saying, “We eagerly await the completion of our purchase of Stronghold and expedite our plan to expand beyond Bitcoin mining, aiming to generate more substantial long-term value for our shareholders.
The agreement will start on October 1 and end on December 31, 2025, automatically renewing for a year unless either of the parties wants to terminate it. The agreement will witness Bitfarms paying 50% of the monthly profits it generates from the mining systems installed in the Panther Creek site as fees to Stronghold every month. Furthermore, Bitfarms deposited $7.8 million with Stronghold—equalling three months of power costs for operating the Bitfarms’ mining rigs. The amount “will be refundable in full to Bitfarms within one business day of the end of the initial term expiring on December 31, 2025.”
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2024-09-16 22:55