Bitfarms Enters into Second 10,000 Miner Hosting Agreement with Stronghold Digital Mining

Core Viewpoint - Bitfarms Ltd. has entered into a second miner hosting agreement with Stronghold Digital Mining, which will enhance its operational capacity and efficiency in Bitcoin mining [2][4]. Group 1: Hosting Agreement Details - The Hosting Agreement allows Bitfarms to deploy an additional 10,000 miners at Stronghold's Scrubgrass site in Pennsylvania, with energization expected to start in December 2024 [3][4]. - The total deployment will consist of 20,000 miners across two sites, achieving an efficiency of approximately 20.5 watts per terahash (w/TH) [4]. - Bitfarms will pay Stronghold a monthly fee equal to 50% of the profit generated by the miners, and has deposited $7.8 million for estimated power costs for three months, refundable at the end of the initial term [4]. Group 2: Company Overview - Bitfarms is a vertically integrated Bitcoin data center company founded in 2017, operating 12 data centers and two under development across Canada, the U.S., Paraguay, and Argentina [5][6]. - The company focuses on sustainable energy sources, primarily hydroelectric power, to support its mining operations [6]. Group 3: Strategic Goals - The agreement is part of Bitfarms' strategy to optimize its assets and increase its U.S. footprint while diversifying beyond Bitcoin mining [4]. - The initial term of the Hosting Agreement will expire on December 31, 2025, with automatic renewals unless either party opts out [4].