Bitfarms Accelerates Stronghold Mining Deal, Riot Platforms Objects

Bitfarms announced it will be bringing forward its 2.2 EH/s mining machine hosting agreement with Stronghold Digital Mining to October 2024, two months ahead of schedule. This agreement will see Bitfarms add 10,000 Bitmain T21 mining machines to its Panther Creek facility in Pennsylvania. Bitfarms CEO Ben Gagnon stated that these facilities will help the company expand its operations, reduce electricity costs, and venture into energy trading and artificial intelligence.

Meanwhile, Bitfarms' proposed acquisition of Stronghold has sparked strong opposition from its largest shareholder, Riot Platforms. Riot has called for reform of Bitfarms' board and questioned the value of the Stronghold acquisition, arguing it would dilute shareholder interests. Bitfarms countered that Riot's proposal is self-serving and insists that acquiring Stronghold is a strategic move to optimize its US operations.