11:04 AM EDT, 09/13/2024 (MT Newswires) -- Bitfarms ( BITF ) said Friday it has signed a miner hosting agreement with Stronghold Digital Mining's ( SDIG ) Stronghold Digital Mining Hosting unit to deploy 10,000 Bitmain T21 miners at the latter's Panther Creek facility in Pennsylvania.

The company anticipates energization in October and will bring 2.2 EH/s online.

The agreement will start on Oct. 1 and will continue through an initial term until Dec. 31, 2025, after which it will automatically renew for further one-year periods, the company added.

Bitfarms ( BITF ) said it will pay the unit a monthly fee equal to 50% of the profit recorded by the Bitfarms ( BITF ) miners, subject to specific monthly adjustments between the parties for the upfront monthly payment due from Bitfarms ( BITF ) to Stronghold of $210,000.

Additionally, Bitfarms ( BITF ) deposited $7.8 million with Stronghold, which will be refundable to Bitfarms ( BITF ) at the end of the initial term next year.

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