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 said it will pay the unit a monthly fee equal to 50% of the profit recorded by the Bitfarms miners, subject to specific monthly adjustments between the parties for the upfront monthly payment due from Bitfarms to Stronghold of $210,000.
Additionally, Bitfarms deposited $7.8 million with Stronghold, which will be refundable to Bitfarms at the end of the initial term next year.
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