Bitfarms Ltd, a Bitcoin data center company, and Stronghold Digital Mining, Inc have entered into a definitive merger agreement under which Bitfarms will acquire Stronghold in a stock-for-stock merger transaction.
The transaction is valued at approximately US$125 million equity value plus the assumption of debt valued at approximately US$50 million.
Stronghold is a vertically integrated crypto asset mining company focused on mining Bitcoin and environmental remediation and reclamation services. As of June 30, 2024, Stronghold has a hashrate of 4.0 EH/s and 165 MW of current nameplate generated power capacity, with the potential to bring its hashrate to approximately 10 EH/s in 2025 with fleet upgrades. In addition, Stronghold has 142 MW of current Pennsylvania-New Jersey-Maryland Interconnection (PJM) import capacity and provides a path to import as much as 790 MW of incremental…
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