Bitcoin Mining: Bitfarms Expands with New 10,000 Miner Hosting Agreement
The US-based mining company Bitfarms has announced a new hosting agreement with Stronghold Digital Mining. This strategic move is set to provide an additional 2.2 Exahashes per second (EH/s) of computing power by October 2024 at the Panther Creek site in Pennsylvania. Originally, these 10,000 Bitmain T21 miners were planned for deployment in Paraguay by December 2024 but will now be relocated to take advantage of competitive energy costs and expansion opportunities available at Stronghold's facilities.
This development comes as the Bitcoin industry faces significant financial pressure following the recent halving event that saw daily mining revenues drop from over $60 million to approximately $27 million. Despite this downturn, major publicly traded mining companies like Bitfarms are holding steady. CEO Ben Gagnon expressed enthusiasm about completing the acquisition of Stronghold and accelerating their diversification strategy beyond just Bitcoin mining.
Currently responsible for around 11 EH/s out of a global average hash rate of 634.7 EH/s, Bitfarms plays a crucial role in securing the Bitcoin network through its operations. Meanwhile, Riot Platforms—the largest shareholder in Bitfarms—is pushing for substantial changes within the company's boardroom dynamics amidst what they describe as "broken" leadership.
For those interested in deeper insights into the evolving landscape of cryptocurrency mining, BTC-ECHO offers expert discussions such as their podcast featuring Frederik Dürr from Cryptohall24 discussing various facets including lottery-style chances on hitting big wins akin to jackpots within crypto-mining ventures.
This report was originally published by BTC-ECHO | Bitcoin & Blockchain since 2014, underlining current trends and developments across blockchain technologies and cryptocurrencies without providing specific investment advice or recommendations due to inherent market risks involved.
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