Bitfarms CEO Ben Gagnon discusses his firm’s acquisition of rival company Stronghold Digital Mining to strengthen its presence in the US market. According to the CEO, the firm is looking to enhance operational efficiency and capitalize on a more stable energy environment in the United States.
Experts believe these market changes are a result of the Bitcoin (BTC) halving earlier in the year, which cut miner rewards by 50%. Meanwhile, the new DeFi token ETFSwap (ETFS) is grabbing headlines amid an impressive presale rally, raising millions in a few months.
Bitfarms Buy Rival Firm Stronghold For $175M In Stock And Debt
Bitfarms has agreed to buy Stronghold Digital Mining for $175 million in stock and debt and has revealed its plans to diversify revenue sources beyond crypto mining. The diversification to other revenue sources is a result of crypto mining companies reconciling with the 50% decrease in Bitcoin (BTC) block rewards earlier in April this year.
The reduction in rewards adds more pressure on the industry to reduce mining costs, which mostly comprise energy costs, and replace other equipment with more efficient ones. Mining companies often have four years to prepare for Bitcoin halving. Still, it usually results in a “survival of the fittest” battle, which is an obvious reason for the Stronghold Digital Mining buyout by Bitfarms.
In an interview with CNBC, Bitfarms CEO Ben Gagnon also discussed the recent trend of Bitcoin miners moving to AI to grow revenue since the halving in April. According to him, while the main reason for his company’s acquisition is to grow its foothold in the United States, it also gives Bitfarms the capacity to explore these alternative revenue sources.
Gagnon states that this transaction enables his company to increase its portfolio by almost 50% in the coming year. He further discusses that the acquisition will enable Bitfarms to rebalance their portfolio towards the United States and have 65% of their firm in North America.
ETFSwap (ETFS) Set For Success As Presale Continues To Grow
ETFSwap (ETFS) is emerging as the best market opportunity for life-changing profits as the promising platform exhibits early signs of success. The new platform is an Ethereum-based decentralized protocol that will enable on-chain access to ETF investments. ETFSwap (ETFS) will list ETF assets from traditional markets in their tokenized forms.
Tokenized real-world assets have emerged over the past year as one of the best market narratives to bet on toward the next bull run. Combine that with the sentiment on ETFs in the crypto market, and ETFSwap (ETFS) may well be set for a massive rally toward launch.
More so, ETFSwap (ETFS) offers a new way to explore the ETF market beyond the boundaries of centralized trading platforms. Leveraging the blockchain, ETFSwap (ETFS) will be able to facilitate features such as fast ETF settlements, 24/7 market coverage, crypto-to-ETF swaps, staking and lending opportunities, smart-contract-enabled features, lower trading costs, permissionless trading, and many more.
Considering the popularity of ETFs in the crypto landscape, ETFSwap (ETFS) offers a crypto-friendly entry into ETFs, which is a more refreshing asset class. ETFSwap (ETFS) has seen massive growth on presale as investors look to capitalize on its early advantages. As the first solution for decentralized ETF trading, ETFSwap (ETFS) is set to claim a giant share of this emerging market.
Additionally, ETFSwap (ETFS) has announced that the platform is set for beta launch in the coming months. The beta launch will enable early access to the ETF platform, and users will be able to test the features and provide feedback, which ultimately helps to improve the platform.
SolidProof has KYCed the ETFSwap (ETFS) team and verified the project ownership, which assures investors of security when buying into the early project.
Conclusion
The Bitfarms’ acquisition highlights the continued efforts by institutional stakeholders to invest in the crypto market. This interest by institutional investors transfers to new projects like ETFSwap (ETFS), which has received several significant early investments from big investors. Seize the opportunity now to buy what big firms are buying and make millions in profit when ETFSwap (ETFS) skyrockets from its current price of $0.01831.
For more information about the ETFS Presale: