Bitcoin Miner Bitfarms Completes Acquisition of Stronghold as It Eyes AI Demand

Bitcoin mining large Bitfarms has accomplished its acquisition of Stronghold Digital Mining, the corporate mentioned on Monday. 

The Canadian mining firm mentioned in its announcement that the acquisition would assist it concentrate on synthetic intelligence by utilizing the brand new website to optimize its information warehouses and promote house to AI corporations. 

Bitcoin miners are more and more homing in on AI. Each industries require big quantities of power and miners are in a position to make use of their current infrastructure to cater to the demand for AI. 

“With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders by executing on our U.S. strategy and developing high-performance computing/AI business geared for scale,” Bitfarms mentioned in a press release. 

Toronto-based Bitfarms final yr mentioned it might purchase Stronghold Digital in a deal it valued at $175 million, together with $125 million in fairness worth. 

Analysts informed Decrypt on the time that the deal would assist enhance Bitfarms valuation and make it a tougher acquisition goal for its rival Riot, which has been attempting to buy the agency since 2023. 

In Monday’s announcement, Bitfarms mentioned it had secured a 1.1 GW development pipeline in Pennsylvania, together with present energy era capability, grid import capability and future import capability. 

Bitfarms has 15 Bitcoin information facilities in Canada, the U.S., Paraguay, and Argentina.

Edited by James Rubin