logo
welcome
CoinGape

CoinGape

Bitcoin Miner Bitfarms Seeks to Acquire Stronghold in $164 Million Deal

CoinGape
Summary
Nutrition label

63% Informative

Bitfarms Ltd, the Canada -based Bitcoin mining firm, is recently working out plans to acquire Stronghold Digital Mining in a massive $164 million deal.

During Q2 Stronghold reported a loss of $21.3 million on revenue of $19.1 million , with stock down 60% so far in 2024 .

The acquisition of Stronghold will help the company boost its mining capacity while leveraging Stronghold ’s own power generation and interconnection to local grids.