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Bitfarms Boosts Mining Operations with New Hosting Deal to Enhance Bitcoin Production

01.11.2024 18:30 1 min. read Alexander Stefanov
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Bitfarms Boosts Mining Operations with New Hosting Deal to Enhance Bitcoin Production

Bitfarms, a major cryptocurrency mining company, has signed its second hosting agreement with Stronghold Digital Mining to enhance its operations at a Pennsylvania facility.

This deal involves deploying an additional 10,000 miners to Stronghold’s Scrubgrass site, originally intended for Bitfarms’ Yguazu facility in Paraguay.

CEO Ben Gagnon emphasized that this partnership will bring significant short-term value, as the combined 20,000 miners at the sites will boost overall efficiency. He noted that working with Stronghold’s existing power generation infrastructure would help reduce capital expenditures and provide better control over power costs through energy trading.

The initial agreement lasts until December 31, 2025, with an automatic annual renewal, and Bitfarms will share 50% of the monthly profits with Stronghold. A refundable $7.8 million deposit has been made to cover the estimated power costs for the first three months.

Despite this strategic move, Bitfarms’ stock fell 10% to $1.96 in after-hours trading, reflecting broader declines in the cryptocurrency market, which has retreated by 3.21% in the last 24 hours.

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With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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