Stronghold Digital Mining Exceeds 1.3 Exahash Per Second of Hash Rate Capacity and Provides Bitcoin Miner Delivery Update
06 Janeiro 2022 - 6:05PM
Stronghold Digital Mining, Inc. (Nasdaq:
SDIG) (“Stronghold”, or the “Company”) today announced
that it has exceeded 1.3 exahash per second (“EH/s”) of total hash
rate capacity with over 14,000 miners received to date, over 8,700
of which were received in the last five weeks. This represents
significant growth, as Stronghold previously reported total hash
rate capacity of approximately 185 petahash per second (“PH/s”)
from approximately 3,000 miners as of September 30, 2021 and
approximately 470 PH/s from nearly 6,000 miners as of November 29,
2021.
The Company continues to have active dialogue
with all of its Bitcoin miner delivery partners to manage the
growth of its Bitcoin mining operations. As previously disclosed,
MinerVa Semiconductor Corp. (“MinerVa”) has been delayed in meeting
its miner delivery targets under its purchase agreement with
Stronghold. To date, MinerVa has delivered over 1,000 miners to
Stronghold, with deliveries being made on a weekly basis.
Stronghold has been advised by MinerVa to expect all of the
remaining miners to be delivered under the existing 15,000-miner
purchase agreement by the end of March 2022.
“I am pleased that we were able to hit the
targets we communicated in late November, including ending 2021
with at least 1.0 EH/s of total hash rate capacity, as we have been
executing on our plans despite delays experienced in miner
deliveries since our IPO. As of today, we have exceeded our
objective by over 30%,” said Greg Beard, co-chairman and chief
executive officer of Stronghold. “We are also proud to announce
that we have commenced mining Bitcoin at the Panther Creek Plant,
the 80-megawatt reclamation and power generation facility that we
acquired on November 2, 2021, and we continue to quickly scale the
operation at this plant. We expect the Scrubgrass and Panther Creek
plants to support Bitcoin miners with total hash rate capacity
exceeding 4.0 EH/s by the end of the second quarter in 2022.”
On December 31, 2021, WhiteHawk Finance LLC
(“WhiteHawk”) and Stronghold amended their existing equipment
financing agreement to extend the final delivery date of the miners
purchased under the MinerVa purchase agreement from December 31,
2021 to on or before April 30, 2022.
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.
Cautionary Statement Concerning
Forward-Looking StatementsCertain statements contained in
this press release 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: 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; our ability to acquire
and receive miners on a timely basis or at all; our ability to
raise capital to fund business growth; our ability to enter into
purchase agreements and acquisitions; our ability to finance our
growth; our ability to satisfy the collateral requirements under
our finance agreements; public health crises, epidemics, and
pandemics such as the coronavirus pandemic; our ability to procure
crypto asset mining equipment; our ability to respond to price
fluctuations and rapidly changing technology; our ability to
operate our coal refuse power generation facilities as planned; 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 Registration Statement on Form S-1
(File No. 333-258188), filed on October 19, 2021, and any
subsequently filed Quarterly Reports on Form 10-Q. Any
forward-looking statement 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, whether because of new information,
future events, or otherwise.
Investor Contact:
Matt Glover or Jeff Grampp, CFAGateway Group,
Inc. SDIG@GatewayIR.com1-949-574-3860
Media Contact:
contact@strongholddigitalmining.com
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