Bitfarms - BITF STOCK NEWS

Bitfarms (NASDAQ/TSX: BITF) has entered into a miner hosting agreement with Stronghold Digital Mining Hosting, , a subsidiary of Stronghold Digital Mining, Inc. (NASDAQ: SDIG). The agreement involves accelerating the deployment of 10,000 Bitmain T21 miners to Stronghold's Panther Creek site in Pennsylvania, bringing 2.2 EH/s online in October 2024, two months ahead of schedule. This strategic move aims to optimize assets and control power costs, Bitfarms' top expense. The agreement runs until December 31, 2025, with automatic one-year renewals. Bitfarms will pay Stronghold 50% of the profit generated by the miners, subject to adjustments. Bitfarms also deposited $7.8 million with Stronghold as a refundable power cost estimate.

Bitfarms (Nasdaq/TSX: BITF) has announced key enhancements to its Operations teams. Alex Brammer has been appointed Senior Vice President of Global Mining Operations, while Benoit Gobeil has been promoted to Chief Infrastructure Officer. The company's Mining Operations will be split into two divisions: Mining Operations and Infrastructure.

Mr. Brammer, with 20 years of international operations expertise, will lead the Mining Operations team, focusing on miner performance, upgrades, and hashrate. Mr. Gobeil will head the Infrastructure team, overseeing construction, expansion, upgrades, and maintenance. Both will report directly to CEO Ben Gagnon.

These changes aim to deliver greater scalability and accountability in data center operations and lay the foundation for HPC/AI operations. Bitfarms is on track to double its operating capacity next year, targeting 35 EH/s+ in 2025.

Bitfarms (NASDAQ/TSX: BITF) has rescheduled its Special Meeting of shareholders from October 29, 2024, to November 6, 2024. This meeting is in response to a requisition made by Riot Platforms, Inc., a direct competitor. The delay allows Bitfarms' Special Committee more time to review Riot's Amended Requisition and for shareholders to evaluate their voting decision.

The Bitfarms Board emphasizes acting in the best interests of all shareholders, contrasting with Riot's focus on its own shareholders. To avoid a costly proxy contest, Bitfarms has proposed a settlement agreement to Riot, including adding one mutually agreed Board nominee and implementing standstill provisions.

The Special Meeting will be held in-person with a live audio webcast option. Shareholders will receive detailed information about the Amended Requisition and other matters to be voted on in a management information circular before the meeting.

Bitfarms (Nasdaq/TSX: BITF), a global Bitcoin data center company, is set to participate in the H.C. Wainwright 26th Annual Global Investment Conference from September 9-11 in New York City. CEO Ben Gagnon will join a Bitcoin Mining Panel on September 10th at 11:00am Eastern, alongside CEOs from Bit Digital, CleanSpark, Core Scientific, and Marathon Digital Holdings, moderated by Anthony Scaramucci.

Additionally, Gagnon and CFO Jeff Lucas will deliver a Company Presentation on September 10th at 3:30pm Eastern. The presentation will be available via webcast, with a replay accessible on Bitfarms' investor site. Investors can arrange 1x1 meetings through H.C. Wainwright representatives or by contacting investors@bitfarms.com.

Bitfarms (NASDAQ/TSX: BITF) has issued a statement addressing misleading claims from Riot Platforms, Inc. regarding an upcoming special meeting. Bitfarms asserts that Riot's actions are aimed at acquiring Bitfarms at a discounted price, benefiting Riot shareholders rather than Bitfarms'. The company emphasizes that recent Board and leadership changes were made independently to enhance shareholder value.

Bitfarms highlights its proposed acquisition of Stronghold, which aligns with its strategy to diversify power access and rebalance its energy portfolio towards the U.S. This transaction could add up to 307 MW of power capacity, potentially increasing Bitfarms' energy portfolio to over 950 MW, with nearly 50% in the U.S., by year-end 2025. The company remains committed to delivering exceptional value to shareholders in both the near and long term.

Bitfarms (NASDAQ/TSX: BITF) has announced its August 2024 production report and strategic expansion plans. Key highlights include:

1. Acquisition of Stronghold Digital Mining, increasing 2025 energy portfolio by 47%.
2. Earned 233 BTC in August 2024, with HODL increasing to 1,103 BTC.
3. Operational hashrate increased to 11.3 EH/s.
4. Assumed control of Sharon, PA site with access to up to 120 MW.
5. Targeting expansion to 950 MW by end of 2025, with nearly 50% capacity in the U.S.
6. Total expansion capacity of up to 1.6 GW, 66% located in the U.S.

The company aims to diversify operations beyond Bitcoin mining and maximize long-term shareholder value through vertical integration with power generation and advanced energy trading capabilities.

Riot Platforms, Bitfarms' largest shareholder with a 19.9% stake, has issued an open letter to fellow Bitfarms shareholders ahead of the October 29 special meeting. Riot criticizes Bitfarms' governance and recent actions, including board changes and the proposed Stronghold Digital Mining acquisition. Riot has reduced its proposed slate of new directors from three to two: Amy Freedman and John Delaney.

Riot argues that Bitfarms' recent board changes have been reactive and insufficient, citing examples of the board's defensive posture such as a failed off-market poison pill and a unilateral board refresh. The letter expresses concern over the Stronghold acquisition's timing and price, viewing it as potentially entrenching the current board.

Riot urges Bitfarms to halt defensive tactics and allow shareholders to be heard at the upcoming meeting, warning against any financing transactions that could be dilutive to shareholders.

Bitfarms (Nasdaq/TSX: BITF) has assumed control of its first large-scale U.S. data center in Sharon, Pennsylvania, significantly expanding its U.S. footprint from 20 MW to 140 MW. The site, located in the PJM Interconnection market, offers access to up to 120 MW of low-cost, flexible power suitable for Bitcoin mining and HPC/AI operations. Bitfarms has closed on 110 MW, with 30 MW expected to be operational by the end of 2024. An additional 10 MW is planned for 2025, bringing the total site capacity to 120 MW.

CEO Ben Gagnon highlighted that the site could support up to 8 EH/s+ with the latest generation miners. The company expects to leverage curtailment, demand-response, and energy trading opportunities to optimize power costs. This strategic move marks the beginning of Bitfarms' aggressive U.S. growth plan, positioning the company to capitalize on the largest wholesale electricity market in the country.

Bitfarms (Nasdaq/TSX: BITF) has entered into a definitive merger agreement to acquire Stronghold Digital Mining, Inc. (Nasdaq: SDIG) in a stock-for-stock transaction valued at approximately US$125 million equity value plus the assumption of US$50 million in debt. The acquisition will expand Bitfarms' energy portfolio to over 950 MW by year-end 2025, with nearly 50% in the U.S. Key benefits include:

- Addition of 4.0 EH/s to Bitfarms' hashrate, with potential expansion to over 10 EH/s
- Vertical integration into power generation with 165 MW of nameplate capacity
- Access to 142 MW of PJM import capacity, expandable to 790 MW
- Environmental benefits through waste reclamation and potential carbon capture

The transaction is expected to close in Q1 2025, subject to approvals. Stronghold shareholders will receive 2.52 Bitfarms shares for each Stronghold share, representing a 71% premium.