Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold” or the
“Company”) today announced that it executed agreements to purchase
an aggregate of 5,000 Bitcoin miners on December 26, 2023, for
approximately $8.5 million. These miners are expected to provide
Stronghold with approximately 600 PH/s of cumulative hash rate
capacity with average efficiency of 25 J/T.
The purchased miners include (i) 2,800 new
Bitmain S19K Pro miners (115-120 TH/s per miner, 23 J/T efficiency)
purchased from Luxor Technology Corporation (“Luxor”), (ii) 1,100
new MicroBT Whastminer M50 miners (120 TH/s per miner, 27 J/T
efficiency) purchased from Luxor, and (iii) 1,100 new Avalon A1346
miners (123 TH/s per miner, 28.9 J/T efficiency) purchased from
Canaan Creative Global Pte. Ltd. (“Canaan”). Stronghold funded the
purchases with proceeds from the Company’s recently announced
private placement, and the delivery of all purchased miners is
expected no later than January 2024.
In addition to the purchase of the Avalon A1346
miners from Canaan, Stronghold was granted the option to purchase
2,500 Avalon A1466 miners (expected specifications of 140-150 TH/s
per miner and 21.5 J/T efficiency) any time between now and
December 2024 for $12 per TH/s. The A1466 miners are expected to be
available starting in April 2024.
December Bitcoin Mining
Update
Stronghold mined 207 Bitcoin in December 2023
and generated approximately $0.4 million in energy revenue, which
represented the equivalent of approximately 9 additional Bitcoin
based on the average price of Bitcoin during the month. This
equated to approximately 216 of Bitcoin-equivalent production in
December 2023, up approximately 2% sequentially compared to the
Company’s 212 Bitcoin-equivalent production in November.
The Company generated an estimated $8.5 million
of revenue during the month of December, its highest monthly
revenue in 2023. The driver of the sequential increase was a higher
hash price of $0.10 in December compared to $0.08 in November.
Drivers of the higher hash price were a 16% rise in average daily
BTC price and higher transaction fees/block subsidies averaging 26%
in December compared to 14% in November, partially offset by an
increase in network hash rate of 6%.
About Stronghold Digital Mining,
Inc.
Stronghold is a vertically integrated Bitcoin
mining company with an emphasis on environmentally beneficial
operations. Stronghold houses its miners at its wholly owned and
operated Scrubgrass Plant and Panther Creek Plant, both of which
are low-cost, environmentally beneficial coal refuse power
generation facilities in Pennsylvania.
Forward Looking Statements of
Stronghold:Certain statements contained in this press
release, including guidance, constitute “forward-looking
statements.” within the meaning of the Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements because they contain words such as “believes,”
“expects,” “may,” “will,” “should,” “seeks,” “approximately,”
“intends,” “plans,” “estimates” or “anticipates” or the negative of
these words and phrases or similar words or phrases which are
predictions of or indicate future events or trends and which do not
relate solely to historical matters. Forward-looking statements and
the business prospects of Stronghold are subject to a number of
risks and uncertainties that may cause Stronghold’s actual results
in future periods to differ materially from the forward-looking
statements. These risks and uncertainties include, among other
things: the hybrid nature of our business model, which is highly
dependent on the price of Bitcoin; our dependence on the level of
demand and financial performance of the crypto asset industry; our
ability to manage growth, business, financial results and results
of operations; uncertainty regarding our evolving business model;
our ability to retain management and key personnel and the
integration of new management; our ability to raise capital to fund
business growth; our ability to maintain sufficient liquidity to
fund operations, growth and acquisitions; our substantial
indebtedness and its effect on our results of operations and our
financial condition; uncertainty regarding the outcomes of any
investigations or proceedings; our ability to enter into purchase
agreements, acquisitions and financing transactions; public health
crises, epidemics, and pandemics such as the coronavirus pandemic;
our ability to procure crypto asset mining equipment, including
from foreign-based suppliers; our ability to maintain our
relationships with our third party brokers and our dependence on
their performance; our ability to procure crypto asset mining
equipment; developments and changes in laws and regulations,
including increased regulation of the crypto asset industry through
legislative action and revised rules and standards applied by The
Financial Crimes Enforcement Network under the authority of the
U.S. Bank Secrecy Act and the Investment Company Act; the future
acceptance and/or widespread use of, and demand for, Bitcoin and
other crypto assets; our ability to respond to price fluctuations
and rapidly changing technology; our ability to operate our coal
refuse power generation facilities as planned; our ability to
remain listed on a stock exchange and maintain an active trading
market; our ability to avail ourselves of tax credits for the
clean-up of coal refuse piles; and legislative or regulatory
changes, and liability under, or any future inability to comply
with, existing or future energy regulations or requirements. More
information on these risks and other potential factors that could
affect our financial results is included in our filings with the
Securities and Exchange Commission, including in the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections of our Annual Report on Form
10-K filed on April 3, 2023 and in our subsequently filed Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Any
forward-looking statement or guidance speaks only as of the date as
of which such statement is made, and, except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements or guidance, whether because of new
information, future events, or otherwise.
Safe Harbor Statement of
CanaanThis announcement contains forward−looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward−looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Among other things, the business outlook and quotations from
management in this announcement, as well as Canaan Inc.'s strategic
and operational plans, contain forward−looking statements. Canaan
Inc. may also make written or oral forward−looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
("SEC") on Forms 20−F and 6−K, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Canaan Inc.'s beliefs and expectations, are
forward−looking statements. Forward−looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward−looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; the expected growth of the Bitcoin industry and the
price of Bitcoin; the Company's expectations regarding demand for
and market acceptance of its products, especially its Bitcoin
mining machines; the Company's expectations regarding maintaining
and strengthening its relationships with production partners and
customers; the Company's investment plans and strategies,
fluctuations in the Company's quarterly operating results;
competition in its industry; and relevant government policies and
regulations relating to the Company and cryptocurrency. Further
information regarding these and other risks is included in the
Company's filings with the SEC, including its registration
statement on Form F−1, as amended, and its annual reports on Form
20−F, as amended. All information provided in this press release
and in the attachments is as of the date of this press release, and
Canaan Inc. does not undertake any obligation to update any
forward−looking statement, except as required under applicable
law.
Contacts:
Stronghold Digital Mining, Inc. Investor
Contact:Matt Glover or Alex KovtunGateway Group, Inc.
SDIG@gateway-grp.com1-949-574-3860
Media Contact:contact@strongholddigitalmining.com
Canaan Inc.Ms. Xi ZhangIR@canaan-creative.com
Media Contact:ICR, LLC.Robin Yangcanaan.ir@icrinc.com
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