Bitfarms Ltd, one of the leading digital asset mining firms, announced the acquisition of Stronghold Digital Mining for $175 Million.
As per recent information, Stronghold owns over 750 acres of land with options on over 1,100 additional acres with two merchant power plants.
A recent filing states that Riot Platform Inc. boosted 1 Million stakes in Bitfarms Ltd, the contending firm.
In recent years, cryptocurrency mining has evolved significantly following the surge in popularity and broader adoption of blockchain-based currencies.
Riot Platform is one of the most prominent crypto miners globally, with a market capitalization of $5.19 Billion, as per CompanyMarketCap(dot)com.
According to recent information, Bitfarms Ltd revealed its acquisition of Stronghold Digital Mining, a mining firm with a market cap of $77.33 Million. The acquisition deal is a stock-for-stock merger valued at approximately $125 Million, along with an assumption of $ 50 Million in debt.
The deal will be fully closed by the end of Q1 2025, and following the completion of the merger, Bitfarms aims to broaden its grip over the mining market, specifically in the United States.
Until June 30, 2024, Stronghold owned over 750 acres of land with options on over 1,100 additional acres and two merchant power plants: the Scrubgrass and Panther Creek Facilities in Pennsylvania.
The digital asset miner has a hashrate of 4.0 EH/s and 165 MW of current nameplate-generated power capacity, potentially bringing its hashrate to approximately 10 EH/s in 2025 with fleet upgrades.
Other Related News
On August 14, 2024, Todayq reported that Riot Platform Inc., the leading mining firm, boosted its stakes in Bitfarms Ltd. In its recent filing, Riot notes that it acquired 1 Million more shares of the contending firm.
Data from the Nasdaq website states that Invesco. Ltd holds 19,712,032 shares of BITF, followed by Arrow Street Capital Limited Partnership with 7,480,722 shares.
On August 15, 2024, Iran announced a reward of $20 to one who tips the authorities about the illicit ongoing crypto mining in the region. The nation has been battling severe power outages for the past few quarters.
The region’s electricity consumption grew significantly after the severe heat waves. On August 07, 2024, Iran’s electricity consumption rate reached 80k MW, according to an official.
Bitfarms Ltd reported its Q2, 2024 earnings on August 08, 2024, possibly which pumped its stock price over 22%. As of writing, BITF stock was trading at $2.38, with a monthly decline of over 17%.
The annual price target of BITF stock is $3.99, which is 67.50% greater than the current trading price. However, in the past 52 weeks, its prices added 84.50% and 3.18% in a week.
Crypto Market Price Update
The global cryptocurrency market capitalization fell over 11% in the past 30 days and 15.11% in a quarter. When writing the cap, it was $2.10 trillion, with an addition of 31.02% YTD.
Source: TradingView
Bitcoin price grew 3.22% intraday, reaching $60,951; it lowest traded at $58,823, and the highest trading price was $61,843. The approval of the much-awaited BTC spot ETF lured Millions of new investors, resulting in a surge inflow.
As per CoinMarketCap, Bitcoin recorded its all-time high of $73,750 on March 14, 2024.
