## Bitfarms Shares Decline Despite Concluding $110M Purchase
Bitfarms, a Canadian Bitcoin mining business, completed its purchase of Stronghold Digital Mining, representing the biggest combination ever between two publicly traded Bitcoin mining enterprises.
Bitfarms purchased Stronghold through an all-stock deal, with Stronghold stockholders getting 2.52 shares of Bitfarms stock for each Stronghold share they possessed. Almost 60 million Bitfarms shares and over 10.5 million warrants were given as part of the agreement. Stronghold’s stock has been removed from the Nasdaq and is no longer being traded. The merger was authorized on February 28, with 99.6% of the votes cast in favor, accounting for about 54.5% of Stronghold’s outstanding shares, according to a news statement released on March 17.
Bitfarms’ stock started higher on Monday morning but lost some of its purchasing impetus in early afternoon trading, decreasing by about 1%.
## Purchase Information
Bitfarms also sees the chance to transform Stronghold’s two power plant locations into large-scale AI and computing hubs and intends to collaborate with industry participants to develop these facilities.
Furthermore, Bitfarms now handles almost 1 Exahash of computing capability, bringing its total to 18 Exahash. Stronghold’s prior hosting arrangements for other miners are now being utilized for Bitfarms’ direct mining activities.
With Stronghold completely incorporated into Bitfarms, the mining giant’s energy capacity has grown to 623 megawatts, including existing power generation and grid import capacity in Pennsylvania.
Ben Gagnon, the Chief Executive Officer of Bitfarms, noted that they are ideally situated to generate enduring worth for stockholders because of their resilient power framework, functional proficiency, and substantial monetary record. This will be accomplished through the execution of their American plan and the advancement of a superior processing/Artificial Intelligence enterprise that is prepared for development. AMD Shares Soar as Gaming Graphics Card Market Stake Rises in Japan
This procurement considerably reinforces Bitfarms’ existence in the North American power marketplace, elevating their stake from a small 6% to a dominant 80%.
