Stronghold Digital Mining Highlights Environmental Stewardship in Response to Congressional Inquiry
08 Fevereiro 2022 - 9:05AM
Stronghold Digital Mining, Inc. (Nasdaq: SDIG)
(“Stronghold”, or the “Company”) today responded to an inquiry from
a group of United States Senators and members of Congress dated
January 27, 2022, which details its commitment to fostering a
positive environmental impact and the Company’s previous and
ongoing reclamation and remediation efforts. The full response
letter is available here and has been posted to the Investor
section of the Company’s corporate website at
www.strongholddigitalmining.com with highlights from the letter
included below.
“We are excited to engage with U.S.
Congressional representatives to better educate the community about
our previous and ongoing positive environmental impact,” said Greg
Beard, co-chairman and chief executive officer of Stronghold. “We
believe that our differentiated business model demonstrates how
Bitcoin mining can have a beneficial impact on the environment,
local communities and grid stability.”
Excerpts from Stronghold’s full response
letter:
- “Pennsylvania has
deemed the reclamation of coal refuse sites as an environmental
priority, and since the early 1990s, an unofficial
public-private-partnership has developed between the coal refuse
reclamation-to-energy industry and the Commonwealth of
Pennsylvania.”
- “There are more
than 840 coal refuse piles at these abandoned mine lands across
Pennsylvania, which cover an aggregated area of 8,500 acres and
contain a total volume of more than 200 million cubic yards. The
total volume of coal refuse in Pennsylvania is unknown but
estimates range from between 200 million and 8 billion cubic
yards.”
- “The Facilities
represent an efficient conversion of damaging waste product into
power while helping achieve governmental priorities.”
- “We convert highly
polluting coal refuse into power and beneficial use ash, which
consists of fly ash and bottom ash that can be beneficially reused
for mine reclamation efforts and as an additive in concrete
production.”
- “Our CFB
technology helps to control emissions of sulfur dioxide (“SO2”),
nitrogen oxides (“NOx”), air toxins, and total particulate matter
by removing ~90% of NOx emissions, ~98% of SO2 emissions, ~99.9% of
particulate emissions and ~99.9% of mercury emissions.”
- “Our Facilities
are capable of diligently addressing this damaging waste product
and converting over 1.25 million tons of coal refuse into energy
annually.”
- “Bitcoin mining is
a primary consumer of our power but does not preclude us from
supplying power to the grid when dispatched or during periods of
high power prices.”
- “The Facilities
currently employ over 110 individuals in the land reclamation,
power management, data center and related sectors, and we plan to
hire or arrange to hire approximately an additional 30 employees in
Venango and Carbon Counties in 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 Statements
Certain 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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