Bitfarms Ltd. has entered into a miner hosting agreement with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining Inc., at Stronghold’s Panther Creek facility in Pennsylvania. Under the hosting agreement, Bitfarms will accelerate the deployment of 10,000 Bitmain T21 miners, originally scheduled to come online in December 2024 at the Company’s Yguazu, Paraguay facility, to Stronghold’s Panther Creek facility. Startup is expected in October 2024 and will immediately bring 2.2 EH/s online.
The Hosting Agreement will commence on October 1, 2024 and will initially run until December 31, 2025, after which it will automatically renew for additional one-year terms unless either party provides written notice of non-renewal. Pursuant to the Hosting Agreement, Bitfarms will pay Stronghold a monthly fee equal to fifty percent of the profit generated by the Bitfarms Miners, subject to certain monthly adjustments between the parties to account for the $210,000 monthly upfront payment to be made by Bitfarms to Stronghold, as well as taxes and the net electricity costs associated with the operation of the Bitfarms Miners. In connection with the signing of the Hosting Agreement, Bitfarms also deposited $7.8 million with Stronghold in the amount of the estimated electricity costs for the three-month operation of the Bitfarms Miners. This amount will be refunded in full to Bitfarms within one business day after the end of the original term, which ends on December 31, 2025.
- What are the key benefits of the Bitfarms and Stronghold Digital Mining hosting agreement?
Table of Contents
Bitfarms Ltd. Accelerates Deployment of 10,000 Miners with Stronghold Digital Mining Hosting Agreement
In a significant development, Bitfarms Ltd., a leading cryptocurrency mining company, has announced a miner hosting agreement with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining Inc. This partnership will accelerate the deployment of 10,000 Bitmain T21 miners at Stronghold’s Panther Creek facility in Pennsylvania, with startup expected in October 2024.
Accelerated Deployment
Originally scheduled to come online in December 2024 at Bitfarms’ Yguazu, Paraguay facility, the deployment of the 10,000 miners has been expedited to Stronghold’s Panther Creek facility. This will bring an immediate 2.2 EH/s online, significantly increasing Bitfarms’ mining capacity.
Hosting Agreement Terms
The hosting agreement between Bitfarms and Stronghold Digital Mining Hosting will commence on October 1, 2024, and will initially run until December 31, 2025. Thereafter, it will automatically renew for additional one-year terms unless either party provides written notice of non-renewal.
Monthly Fee Structure
As per the agreement, Bitfarms will pay Stronghold a monthly fee equal to fifty percent of the profit generated by the miners. This arrangement will ensure a mutually beneficial partnership between the two companies.
Benefits of the Partnership
The hosting agreement between Bitfarms and Stronghold Digital Mining Hosting offers several benefits to both parties. By accelerating the deployment of the miners, Bitfarms will be able to increase its mining capacity and revenue earlier than originally planned. Stronghold, on the other hand, will benefit from the monthly fee and the opportunity to host Bitfarms’ miners at its Panther Creek facility.
Stronghold Digital Mining Inc.
Stronghold Digital Mining Inc. is a U.S.-based bitcoin mining company that operates a 90-megawatt mining facility in Pennsylvania. The company’s Panther Creek facility is equipped with state-of-the-art infrastructure and provides reliable and cost-effective hosting solutions for cryptocurrency miners.
Bitfarms Ltd.
Bitfarms Ltd. is a publicly-traded cryptocurrency mining company listed on the TSX Venture Exchange. The company operates several mining facilities across North America and South America, and is committed to sustainable and environmentally-friendly mining practices.
Conclusion
The hosting agreement between Bitfarms and Stronghold Digital Mining Hosting marks an exciting development in the cryptocurrency mining industry. By accelerating the deployment of 10,000 miners, Bitfarms will significantly increase its mining capacity and revenue. Stronghold, on the other hand, will benefit from the monthly fee and the opportunity to host Bitfarms’ miners at its Panther Creek facility. This partnership is a testament to the growth and innovation in the cryptocurrency mining industry.
Keywords: Bitfarms Ltd., Stronghold Digital Mining Hosting, cryptocurrency mining, miner hosting agreement, Bitmain T21 miners, Panther Creek facility, Pennsylvania, Yguazu, Paraguay, mining capacity, revenue, partnership, cryptocurrency mining industry.
Meta Description: Bitfarms Ltd. has entered into a miner hosting agreement with Stronghold Digital Mining Hosting to accelerate the deployment of 10,000 Bitmain T21 miners at Stronghold’s Panther Creek facility in Pennsylvania.
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H1: Bitfarms Ltd. Accelerates Deployment of 10,000 Miners with Stronghold Digital Mining Hosting Agreement
H2: Accelerated Deployment
H2: Hosting Agreement Terms
H2: Monthly Fee Structure
H2: Benefits of the Partnership
H2: Stronghold Digital Mining Inc.
H2: Bitfarms Ltd.
H2: Conclusion
What are the key benefits of the Bitfarms Ltd. and Stronghold Digital Mining Hosting agreement?
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Bitfarms Ltd. Accelerates Deployment of 10,000 Miners with Stronghold Digital Mining Hosting Agreement
In a significant development, Bitfarms Ltd., a leading cryptocurrency mining company, has announced a miner hosting agreement with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining Inc. This partnership will accelerate the deployment of 10,000 Bitmain T21 miners at Stronghold’s Panther Creek facility in Pennsylvania, with startup expected in October 2024.
Accelerated Deployment
Originally scheduled to come online in December 2024 at Bitfarms’ Yguazu, Paraguay facility, the deployment of the 10,000 miners has been expedited to Stronghold’s Panther Creek facility. This will bring an immediate 2.2 EH/s online, significantly increasing Bitfarms’ mining capacity.
Hosting Agreement Terms
The hosting agreement between Bitfarms and Stronghold Digital Mining Hosting will commence on October 1, 2024, and will initially run until December 31, 2025. Thereafter, it will automatically renew for additional one-year terms unless either party provides written notice of non-renewal.
Monthly Fee Structure
As per the agreement, Bitfarms will pay Stronghold a monthly fee equal to fifty percent of the profit generated by the miners. This arrangement will ensure a mutually beneficial partnership between the two companies.
Benefits of the Partnership
The hosting agreement between Bitfarms and Stronghold Digital Mining Hosting offers several benefits to both parties. By accelerating the deployment of the miners, Bitfarms will be able to increase its mining capacity and revenue earlier than originally planned. Stronghold, on the other hand, will benefit from the monthly fee and the opportunity to host Bitfarms’ miners
