• Bitfarms’ Stronghold Digital acquisition boosts its Bitcoin mining and energy portfolio, expanding U.S. capacity to nearly 50% by 2025.
• August saw a 1.3% drop in mining difficulty, reducing Bitcoin output to 233 BTC, despite higher hashrate from new Bitmain miners.
• Bitfarms’ Bitcoin production fell 39% year-over-year due to the halving event and increased network hashrate, with 147 BTC sold.

Bitfarms Ltd. discussed the progress underway to update its fleet and expansion strategy. The company disclosed the terms and conditions of the acquisition of Stronghold Digital Mining in a bid to enhance its position in the mining of Bitcoin and HPC/AI.

With this acquisition, Bitfarms’ energy portfolio is strengthened and rebalanced, to reach 950 MW by the end of 2025. The United States will host over half of this capacity, up from the current 6%.

Strategic Expansion and Energy Portfolio Rebalancing

CEO Ben Gagnon emphasized that this acquisition aligns with Bitfarms’ strategy to diversify its operations. He mentioned, “By vertically integrating with power generation and advancing energy trading capabilities, we position ourselves for multi-year growth. We aim for a total expansion capacity of up to 1.6 GW, with 66% of this in the U.S.”

In addition, Bitfarms, which offers up to 120 MW, has taken over its first mega-site in Sharon, Pennsylvania. In late 2024, the company finished buying 110 MW, assuming 30 MW will be operational by then. In 2025, the site’s overall capacity will reach 120 MW with the installation of a 10 MW unit as planned.

Bitcoin Production Decline Amid Increased Difficulty

Despite these advancements, Bitfarms experienced a decline in Bitcoin production. August saw a 1.3% drop in mining difficulty, leading to a decrease in production from 253 BTC in July to 233 BTC. The decrease is attributed to increased network difficulty, although higher corporate hashrate due to the new miners from Bitmain partially offset the impact.

A rise in network hashrate and the consequences of the revenue-halving event caused the generation of Bitcoin to decline by 39% year over year. As part of managing its treasury, Bitfarms bought 86 BTC ($5.1 million) and sold 147 BTC ($8.8 million). Concerning its Bitcoin treasury, the company now possesses 1,103 BTC ($65.1M).

Apart from the operating updates, Riot Platforms, a potential acquisition target, is closely monitoring Bitfarms. Riot, which holds 19.9% of Bitfarms, is pushing for board modifications because of issues with Stronghold’s acquisition and governance procedures.

The post Bitfarms Expands U.S. Presence with Stronghold Acquisition Amid Production Drop appeared first on Crypto News Land.

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