Bitfarms Mega-Merger Creates Largest Public Bitcoin Miner

Bitfarms has completed its acquisition of Stronghold Digital Mining in March 2025, creating the largest merger between two public Bitcoin miners. The deal adds 165 MW of nameplate power capacity from Pennsylvania's Scrubgrass and Panther Creek facilities, as well as 4.0 EH/s of hashrate to Bitfarms' ecosystem.

This acquisition brings a significant change in the company's geographic footprint, increasing its U.S. presence from 6% to a larger share. The deal includes $125 million in equity value and the assumption of $50 million in debt.

Bitfarms operates mining farms in Canada, the United States, Paraguay, and Argentina. This merger aims to provide a path to 950 MW of active power capacity by the end of 2025. The transaction also provides access to the PJM grid, which serves the largest wholesale electricity market in the United States.

Gregory Beard, CEO of Stronghold, expects the combination to maximize value for shareholders through increased operational expertise.