According to Cointelegraph, mining company Bitfarms announced a hosting agreement with Stronghold Digital Mining to add 2.2 EH/s of 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 begin on October 1, 2024.
Bitfarms CEO Ben Gagnon said the Pennsylvania site will provide the company with energy trading opportunities, competitive electricity costs and HPC/AI resources, helping to diversify the company's business.
Bitfarms will pay Stronghold a fee equal to 50% of the profits from the custody agreement, which is renewed annually until either party decides not to renew.
Bitfarms recently postponed its Extraordinary General Meeting of Shareholders from October 29, 2024 to November 6 to give the Special Committee enough time to review and respond to Riot Platforms’ request.
Riot Platforms, Bitfarms’ largest shareholder, sent a letter to shareholders on September 3, calling for changes to the board of directors and warning that Stronghold’s acquisition deal would dilute shareholder value.
Bitfarms responded by saying Riot’s proposal to change the board was in its own interest and defended the acquisition of Stronghold as a move to balance its energy portfolio towards US operations.
