Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

The most popular collections of the moment on blockchain

2025-05-18

Has Bitcoin Bull returned? Daily RSI only shows mild bullish momentum

2025-05-18

The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

2025-05-18
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
Facebook X (Twitter) Instagram
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Regulation
    • Market Cap
    • Web 3
    • Scam
  • Blockchain

    Interview with Nieuwe Lukso Coo

    2025-05-18

    B2 Network brings AI to Bitcoin with DSN-AI Rollup Protocol

    2025-05-18

    The Alice Collective elevates ‘My Neighbor Alice’ in collaboration with Persona Journey

    2025-05-17

    Cardano (ADA) Founder reveals long-awaited AirDrop details! Will be distributed among 37 million portfolios! – Some users cannot receive AirDrop!

    2025-05-17

    Top 5 block chains due to 7-day growth in active addresses and transactions

    2025-05-17
  • NFT

    The most popular collections of the moment on blockchain

    2025-05-18

    Raoul Pal sees NFT market exploding when Ethereum Bull Cycle is approaching

    2025-05-17

    Ethereum is at the top of the charts in weekly NFT sales with $ 44.7 million in sales volume

    2025-05-16

    Founder wallet emptied while he leaves

    2025-05-15

    British Museum puts sculptures from Dürer’s ‘Rhinoceros’ on Bitcoin Blockchain

    2025-05-14
  • Metaverse

    Shib: The Metaverse – Part of the expanding Shiba Inu ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Human Digital Life

    2024-12-13

    Exploring NetVRk: What’s Behind This AI-Powered Virtual Universe?

    2024-10-28

    Council of Europe emphasizes the impact of Metaverse on privacy and democracy

    2024-09-05
  • Analysis

    The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

    2025-05-18

    Michael Burry van Big Short abruptly sells one ‘recession-proof’ assets

    2025-05-17

    $ 40 billion in XRP on the road – where are they going?

    2025-05-17

    Bitcoin who sees heavy accumulation on Coinbase and Binance, says analysis company Glassnode – here is the prospects

    2025-05-17

    Analyst who mentioned XRP price mark at $ 0.5 says that the increase in this level is coming

    2025-05-17
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-10
  • Blog
  • Contact
    • Tech7685@gmail.com
Free Cryptocurrency – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Bitcoin»Bitcoin miner Bitfarms has partnered with Stronghold to expand its operations
Bitcoin

Bitcoin miner Bitfarms has partnered with Stronghold to expand its operations

2024-11-01No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
  • Bitfarms Deployed 10,000 Miners at Stronghold’s Scrubgrass Facility, Improving Operational Efficiency
  • Shares of Bitfarms have continued to fall amid broader market pressure.

Bitfarms, a prominent player in Bitcoin [BTC] mining industry known for its vertically integrated data center operations has strengthened its partnership with Stronghold Digital Mining. It has done this by entering into a second hosting agreement through one of its subsidiaries.

This agreement calls for the deployment of 10,000 miners at Stronghold’s Scrubgrass facility in Pennsylvania. This implies a shift from the originally planned location in Yguazu, Paraguay.

These miners are expected to start operations in December 2024. This is expected to boost Bitfarms’ capabilities and strengthen its position in the cryptocurrency mining industry.

Managers weigh in…

I’m noticing the same thing, CEO Ben Gagnon said,

“Optimizing our assets with these rapid upgrades at Stronghold’s Pennsylvania locations will deliver significant value to Bitfarms in the near term.”

Gagnon further emphasized that Bitfarms’ deployment of 20,000 highly efficient miners, in collaboration with Stronghold’s energy facilities, aims to improve the overall efficiency of the fleet while reducing operational costs.

Thus, by integrating mining directly with Stronghold’s power generation capabilities, Bitfarms would minimize additional capital expenditures and gain greater control over energy costs.

This arrangement would not only facilitate energy trading but also enable operational flexibility. This will allow the company to adjust mining operations based on energy market conditions to optimize profitability.

He added:

“We look forward to completing our acquisition of Stronghold and executing our strategy to grow and diversify our U.S. footprint beyond Bitcoin mining.”

Details of the agreement

The Hosting Agreement between Bitfarms and Stronghold runs until December 31, 2025, with annual automatic renewals unless canceled by either party.

See also  Amid Bitcoin's struggles, BTC would need to break THIS level for a bull run

Here it is worth noting that Bitfarms will share 50% of its mining profits with Stronghold.

That said, the company has already put up $7.8 million to cover estimated energy costs for the first three months. This amount will be fully refunded at the end of the first term.

This setup ensures operational continuity and provides Bitfarms with some flexibility and cost predictability in its mining efforts.

Bitfarms’ Bitcoin Strategy

In June, Bitfarms increased its Bitcoin production to 189 BTC, up from 156 BTC in May. It also sold 134 BTC for $8.8 million, bringing its total holdings to 905 BTC – worth about $57 million.

However, production in 2024 is down more than 50%, with only 1,557 BTC mined so far, compared to 2,520 BTC at the same time last year.

This decline is due to reduced productivity and lower rewards for miners, which are impacting returns in the crypto mining industry.

What do market trends indicate?

Finally, the latest data from IntoTheBlock revealed that Bitcoin mining rewards rose from 378.13 BTC ($23.37 million) in June to 493.75 BTC ($35.12 million) in October – a sign of a better reward structure for miners.

Reward for BTC minersReward for BTC miners

Source: IntoTheBlock

In the midst of it all, Bitfarms shares fell 10% in after-hours trading to $1.96 and fell to $1.93. This coincided with a 2.61% drop in the value of Bitcoin, with the crypto at $70,140.91 at the time of writing.

On the contrary, when Bitcoin was in a bullish phase, mining stocks saw impressive gains, with some experiencing increases of up to 24.4%. For example, Riot Platforms, a leading force in Bitcoin mining, reported a 65% increase in year-over-year revenue.

See also  Here's how Bitcoin reacted to the latest Fed rate hike

Next: XRP’s Short-Term Price Targets – How Far Can Market Sentiment Go?

Source link

Bitcoin Bitfarms Expand Miner operations partnered Stronghold
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Has Bitcoin Bull returned? Daily RSI only shows mild bullish momentum

2025-05-18

Gold multiplier ratio called Bitcoin Top in 2021, this is what it says now

2025-05-18

B2 Network brings AI to Bitcoin with DSN-AI Rollup Protocol

2025-05-18

Is a bitcoin -top income? What suggest these flashing indicators

2025-05-17
Add A Comment

Comments are closed.

Top Posts

Web3 Messaging vs. WhatsApp | Web3 Daily

2023-08-24

IOTA (MIOTA) Price Prediction 2024 2025 2026 2027

2024-10-21

Ethereum vs Bitcoin – Explanation of the 44% Underperformance

2024-09-07
Editors Picks

Much-derided NFT project Pixelmon raises $8 million in seed round, including Animoca Brands

2024-02-02

Phwoar! In March, $2.5 trillion moved through centralized crypto exchanges!

2024-04-04

Trio of crypto analysts are bearish on Solana and unanimously agree on the downside price target for SOL

2024-01-25

Bitcoin: Bullish Sentiment, Yes, But Are Buyers Tired Now?

2024-02-20
About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

The most popular collections of the moment on blockchain

Has Bitcoin Bull returned? Daily RSI only shows mild bullish momentum

The American stock market now looks more favorable than pre-trade war, according to Tom Lee from Fundstrat-Dit why is why

Get Informed

Subscribe to Updates

Get the latest news and Update from Free.cc about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • BitcoinPlatform.com
© 2025 Free.cc - All rights reserved. Contact: info@free.cc

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$103,850.580.82%
  • ethereumEthereum(ETH)$2,502.940.72%
  • tetherTether USDt(USDT)$1.000.00%
  • rippleXRP(XRP)$2.390.79%
  • binancecoinBNB(BNB)$645.480.47%
  • solanaSolana(SOL)$170.931.86%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • dogecoinDogecoin(DOGE)$0.2222402.56%
  • cardanoCardano(ADA)$0.76-1.45%
  • tronTRON(TRX)$0.2720911.34%
  • suiSui(SUI)$3.831.19%
  • chainlinkChainlink(LINK)$15.681.77%
  • avalanche-2Avalanche(AVAX)$22.990.54%
  • stellarStellar(XLM)$0.2902170.39%
  • hyperliquidHyperliquid(HYPE)$26.61-1.45%
  • shiba-inuShiba Inu(SHIB)$0.0000152.90%
  • hedera-hashgraphHedera(HBAR)$0.1940001.11%
  • unus-sed-leoUNUS SED LEO(LEO)$8.70-2.56%
  • bitcoin-cashBitcoin Cash(BCH)$399.740.56%
  • the-open-networkToncoin(TON)$3.090.98%
  • polkadotPolkadot(DOT)$4.740.75%
  • litecoinLitecoin(LTC)$98.37-1.43%
  • moneroMonero(XMR)$340.191.46%
  • bitget-tokenBitget Token(BGB)$5.245.67%
  • pepePepe(PEPE)$0.0000135.91%
  • daiDai(DAI)$1.00-0.02%
  • piPi(PI)$0.745.50%
  • ethena-usdeEthena USDe(USDE)$1.00-0.03%
  • uniswapUniswap(UNI)$5.920.51%
  • bittensorBittensor(TAO)$422.300.42%
  • aaveAave(AAVE)$224.980.00%
  • nearNEAR Protocol(NEAR)$2.760.01%
  • aptosAptos(APT)$5.190.90%
  • okbOKB(OKB)$53.160.22%
  • ondo-financeOndo(ONDO)$0.931.49%
  • kaspaKaspa(KAS)$0.111234-3.13%
  • internet-computerInternet Computer(ICP)$5.250.75%
  • ethereum-classicEthereum Classic(ETC)$18.420.45%
  • gatechain-tokenGateToken(GT)$21.570.76%
  • crypto-com-chainCronos(CRO)$0.0989350.78%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.963.14%
  • mantleMantle(MNT)$0.740.61%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2377622.25%
  • vechainVeChain(VET)$0.0284141.70%
  • render-tokenRender(RENDER)$4.651.69%
  • ethenaEthena(ENA)$0.3764852.12%
  • usd1World Liberty Financial USD(USD1)$1.000.01%
  • filecoinFilecoin(FIL)$2.872.12%
  • algorandAlgorand(ALGO)$0.2224871.70%
  • arbitrumArbitrum(ARB)$0.3904932.99%
  • bitcoinBitcoin(BTC)$103,850.580.82%
  • ethereumEthereum(ETH)$2,502.940.72%
  • tetherTether USDt(USDT)$1.000.00%
  • rippleXRP(XRP)$2.390.79%
  • binancecoinBNB(BNB)$645.480.47%
  • solanaSolana(SOL)$170.931.86%
  • usd-coinUSDC(USDC)$1.00-0.02%
  • dogecoinDogecoin(DOGE)$0.2222402.56%
  • cardanoCardano(ADA)$0.76-1.45%
  • tronTRON(TRX)$0.2720911.34%
  • suiSui(SUI)$3.831.19%
  • chainlinkChainlink(LINK)$15.681.77%
  • avalanche-2Avalanche(AVAX)$22.990.54%
  • stellarStellar(XLM)$0.2902170.39%
  • hyperliquidHyperliquid(HYPE)$26.61-1.45%
  • shiba-inuShiba Inu(SHIB)$0.0000152.90%
  • hedera-hashgraphHedera(HBAR)$0.1940001.11%
  • unus-sed-leoUNUS SED LEO(LEO)$8.70-2.56%
  • bitcoin-cashBitcoin Cash(BCH)$399.740.56%
  • the-open-networkToncoin(TON)$3.090.98%
  • polkadotPolkadot(DOT)$4.740.75%
  • litecoinLitecoin(LTC)$98.37-1.43%
  • moneroMonero(XMR)$340.191.46%
  • bitget-tokenBitget Token(BGB)$5.245.67%
  • pepePepe(PEPE)$0.0000135.91%
  • daiDai(DAI)$1.00-0.02%
  • piPi(PI)$0.745.50%
  • ethena-usdeEthena USDe(USDE)$1.00-0.03%
  • uniswapUniswap(UNI)$5.920.51%
  • bittensorBittensor(TAO)$422.300.42%
  • aaveAave(AAVE)$224.980.00%
  • nearNEAR Protocol(NEAR)$2.760.01%
  • aptosAptos(APT)$5.190.90%
  • okbOKB(OKB)$53.160.22%
  • ondo-financeOndo(ONDO)$0.931.49%
  • kaspaKaspa(KAS)$0.111234-3.13%
  • internet-computerInternet Computer(ICP)$5.250.75%
  • ethereum-classicEthereum Classic(ETC)$18.420.45%
  • gatechain-tokenGateToken(GT)$21.570.76%
  • crypto-com-chainCronos(CRO)$0.0989350.78%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.963.14%
  • mantleMantle(MNT)$0.740.61%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.2377622.25%
  • vechainVeChain(VET)$0.0284141.70%
  • render-tokenRender(RENDER)$4.651.69%
  • ethenaEthena(ENA)$0.3764852.12%
  • usd1World Liberty Financial USD(USD1)$1.000.01%
  • filecoinFilecoin(FIL)$2.872.12%
  • algorandAlgorand(ALGO)$0.2224871.70%
  • arbitrumArbitrum(ARB)$0.3904932.99%