Bitfarms has completed the acquisition of Stronghold Digital Mining

On March 18th, according to Decrypt, the Bitcoin mining firm Bitfarms has announced the accomplishment of its acquisition of Stronghold Digital Mining. The deal is valued at $175 million, with $125 million in equity. Bitfarms stated that this acquisition will assist the company in optimizing operations by making use of the newly acquired data centers and will provide computing resources to an AI company, thereby promoting its growth in high-performance computing and AI. This acquisition not only raised Bitfarms' market valuation but also made it more difficult for its competitor, Riot Blockchain, to acquire it. Since 2023, Riot has been trying to acquire Bitfarms, and this transaction may enhance Bitfarms' position in the industry consolidation.