Bitcoin mining data center company Bitfarms has expanded its US portfolio following the completion of its acquisition of Stronghold Digital Mining Inc.
First announced in August last year, the completed deal sees Bitfarms increase its energy portfolio to 623MW Under Management (MWuM), and adds nearly 1 Exahash Under Management (EHuM) to Bitfarms portfolio, which now totals 18 EHuM.
The deal includes the takeover of two stranded power plants in Pennsylvania - Scrubgrass and Panther Creek - which have the potential to generate nearly 1GW of energy for high-performance computing and AI workloads, and a 1.1GW growth pipeline for energy assets, Ben Gagnon, CEO of Bitfarms, told CNBC.
In 2024, just six percent of Bitfarms’ operations were based in the US. By the end of 2025, following the acquisition of Stronghold Digital and other forecasted transactions, Bitfarms expects between 66 to 80 percent of its operations to be US-based.
“The completion of this strategic acquisition further expands our US footprint and makes us the industry leader in the PJM (Pennsylvania-New Jersey-Maryland Interconnection) market,” said Bitfarms CEO, Ben Gagnon.
“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 US strategy and developing an HPC/AI business geared for scale,” Gagnon added.
Stronghold owns more than 750 acres of land with options on more than 1,100 additional acres at the two sites, and currently has 165MW of current nameplate generated power capacity, with expansion potential up to a combined 955MW.
Following the takeover, Stronghold shareholders received 2.52 shares in Bitfarms for every Stronghold share they held. Stronghold’s stock has now ceased trading on NASDAQ.
Founded in 2017, Bitfarms currently has 12 operating Bitcoin data centers and two under development, as well as hosting agreements with two data centers, in Canada, the US, Paraguay, and Argentina. It is exploring a pivot to AI and colocation hosting.
The company recently sold a facility in Yguazu, Paraguay to HIVE Digital.
In Q3 2024, Bitfarms mined 703 Bitcoins, up 14 percent from 614 in the previous quarter. Quarterly revenue hit $45 million, $3 million more than Q2 and 30 percent higher year-over-year.
