According to Odaily Planet Daily, crypto mining company Bitfarms recently announced a hosting agreement with Stronghold Digital Mining, which will add 2.2 EH/s computing power in October 2024, two months ahead of schedule! 🎉

The agreement will add 10,000 Bitmain T21 miners to Bitfarms' Panther Creek facility in Pennsylvania and start operation on October 1, 2024. Bitfarms CEO Ben Gagnon said that these facilities are key to the diversification of the company's business operations and will help expand the business, reduce electricity costs, and enter the fields of energy trading and AI. 🌐

According to the agreement, Bitfarms will pay Stronghold a fee equivalent to 50% of the profits generated by the miner hosting agreement, which will be renewed annually until either party decides not to renew the contract. It is worth noting that Bitfarms' previous acquisition plan for Stronghold triggered strong opposition from its largest shareholder, Riot Platforms, who believed that the transaction would dilute shareholder interests. In response, Bitfarms said that Riot's proposal was in its own interest and that the acquisition of Stronghold was a way to rebalance its energy portfolio and shift to US operations. ⚖️

Despite market turmoil, Bitfarms' move shows its confidence in the future, especially its optimism in the Bitcoin field. 🚀