Bitfarms to Boost Bitcoin Hashrate by 2.2 EH/s Ahead of Schedule

The Canadian mining firm Bitfarms has entered into an agreement with a subsidiary of Stronghold Digital Mining to expedite the deployment of 10,000 Antminer T21 units under hosting conditions.

The integration of these units into the network in October is expected to add 2.2 EH/s to Bitfarms’ Bitcoin hashrate.

The equipment was initially intended for the company’s data center in Iguazu, Paraguay.

“This hosting agreement marks a significant milestone in our efforts to further optimize our assets and gain greater control over our primary cost component—electricity costs,” stated Bitfarms CEO Ben Gagnon.

The parties are finalizing the acquisition of Stronghold for $125 million. The Canadian company plans to leverage the American firm’s energy generation capabilities to expand into the AI computing segment.

Under the miner hosting arrangements, Stronghold will receive 50% of the profits generated by the devices. Bitfarms will make an advance payment of $7.8 million, covering three months of electricity costs.

In August, public mining companies, including Bitfarms, reported a decline in digital gold production.