Bitfarms and Stronghold Digital Mining Hosting have joined forces to bring 10,000 miners to Bitfarms’ Pennsylvania location, with the goal of enhancing efficiency and expanding operations in the United States.
Enhancing Efficiency
Bitfarms, a bitcoin mining company based in Canada, has established a new partnership with Stronghold Digital Mining Hosting to deploy 10,000 miners at Stronghold’s Scrubgrass site. Originally intended for Bitfarms’ Paraguay site in Yguazú, these miners are scheduled to be up and running by December.
In a recent press release, Bitfarms announced that the deployment of upgraded miners at Stronghold’s Pennsylvania sites will deliver substantial short-term benefits for the company. Bitfarms’ CEO, Ben Gagnon, expressed his enthusiasm for the project, highlighting the significant improvement in efficiency that it will bring.
“We are excited to deploy 20,000 miners across the two sites through these hosting agreements, which will operate at an efficiency of approximately 20.5 w/TH. This will continue to enhance the overall efficiency of our mining fleet. By integrating our operations vertically with Stronghold’s power generation infrastructure, we can reduce our capital expenditure requirements and have more control over our power costs through energy trading and optimal utilization of the T21’s various operating modes,” stated Gagnon.
Gagnon also mentioned that Bitfarms is eager to finalize the acquisition of Stronghold and move forward with plans to expand its presence in the U.S.
The hosting agreement, signed by Bitfarms and Stronghold Digital Mining subsidiaries, is set to expire on December 31, 2025. One-year extensions will be automatically added unless one of the parties provides written notice of non-renewal.
As part of the agreement, Bitfarms will pay Stronghold a monthly fee equivalent to 50% of the profits generated by its miners. To seal the deal, Bitfarms made a deposit of $7.8 million with Stronghold to cover three months of energy costs for the miners. This deposit will be fully reimbursed at the end of the initial term.
