Mining Firm Bitfarms Purchases Rival Stronghold Digital Mining

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Bitcoin mining company Bitfarms has purchased Stronghold Digital Mining for approximately $125 million, including assumed debt of $50 million.

With this acquisition, Bitfarms is expected to gain access to an additional 307 megawatts of power capacity.

This will help Bitfarms reach its goal of increasing their energy portfolio to over 950 MW by the end of 2025. According to Bitfarms CEO Ben Gagnon, this acquisition is the result of three years of discussions and is a significant step in securing a strong future for the company.

Following this announcement, Stronghold’s shares on Nasdaq rose by 55% in pre-market trading, reaching $4.55.