Canadian company Bitfarms has completed the acquisition of Stronghold Digital Mining, marking the largest merger in the history of publicly listed Bitcoin mining companies.
Merger Details
Bitfarms completed the acquisition of Stronghold Digital Mining through a stock-for-stock merger, providing Stronghold shareholders with 2.52 Bitfarms shares for each Stronghold share. Nearly 60 million Bitfarms shares and over 10.5 million warrants were issued as part of the deal.
Capacity Expansion
As a result of the merger, Bitfarms increased its mining capacity to 623 megawatts. This includes existing power generation and grid import capacity in Pennsylvania. Bitfarms now also manages nearly 1 additional Exahash of computing power, bringing its total to 18 Exahash.
Long-term Prospects
Bitfarms plans to convert two Stronghold power sites into AI and computing hubs. According to Bitfarms CEO Ben Gagnon, the combination of Stronghold’s power asset portfolio and the company's operational expertise will create long-term value for shareholders.
The merger with Stronghold extends Bitfarms' presence in the North American market and strengthens the company's position in computing capacities.
