Bitfarms Expands U.S. Presence with Stronghold Acquisition

Bitfarms Ltd. has completed its acquisition of Stronghold Digital Mining, a move that significantly bolsters its status as a prominent Bitcoin miner in the U.S. As of March 17, 2025, Bitfarms now manages an energy portfolio of 623 MW under management, which will power its intensified Bitcoin mining operations, particularly in the competitive PJM energy market. The acquisition introduces a strategic growth pipeline in Pennsylvania of 1.1 gigawatts, earmarked to support Bitcoin mining and high-performance computing sectors. This pipeline is anticipated to drive the growth of AI development. Post-acquisition, Bitfarms has restructured its energy sources, with a focus on North American assets, which now make up 80% of the portfolio. The merger also brings nearly 1 Exahash Under Management through Stronghold hosting agreements, showcasing Bitfarms' commitment to technological advancement. Stronghold shareholders benefit through a share exchange rate of 2.52 Bitfarms shares for each Stronghold share. Bitfarms further consolidated its operations by retiring $44.5 million of Stronghold's debt. CEO Ben Gagnon underscores the focus on sustainability and renewable energy as integral to Bitfarms' future as it pursues ambitious expansion plans, including developing power campuses for HPC and AI applications.