07:52 AM EDT, 10/31/2024 (MT Newswires) -- Bitfarms ( BITF ) said on Thursday that it signed a second miner hosting agreement with Stronghold Digital Mining Hosting, a subsidiary of NASDAQ-listed Stronghold Digital Mining ( SDIG ), at Stronghold's Scrubgrass site in Pennsylvania.

Under the terms, Bitfarms ( BITF ) agreed to deploy an additional 10,000 miners, originally expected to be used for its operations in Yguazu, Paraguay, to Stronghold's Scrubgrass site. Energization is anticipated to start in December.

The agreement will bring Bitfarms ( BITF ) miners with Stronghold to 20,000, resulting in an efficiency of 20.5 watts per terahash.

"Vertically integrating our operations with Stronghold's existing power generation infrastructure reduces capital expenditure requirements and allows us to take greater control over our cost of power," Bitfarms ( BITF ) CEO Ben Gagnon said.

Bitfarms' ( BITF ) share price fell 4.5% yesterday to $2.98 on the TSX.