Stronghold Digital Mining Reaches Hash Rate Milestone of 3.0 EH/s
30 Maio 2023 - 8:30AM
Stronghold Digital Mining, Inc. (NASDAQ:
SDIG) (“Stronghold”, the “Company”, or “we”) today
provided an operational update on its Bitcoin mining
operations:
Bitcoin Mining
Over Memorial Day weekend, Stronghold’s Bitcoin
mining operations achieved a hash rate of 3.0 EH/s. Stronghold
achieved this milestone approximately one month earlier than
expected. Of the 3.0 EH/s, approximately 80% is wholly owned by the
Company and not subject to a profit share. During the second half
of May 2023, the Company received the 5,000 MicroBT Whatsminer M50
Bitcoin mining rigs related to its previously announced miner
purchase. This was in addition to the initial 2,000 Avalon 1246
Bitcoin mining rigs associated with the Company’s previously
announced Canaan Bitcoin Mining Agreement that were delivered in
early May. Stronghold expects to receive the remaining 2,000 Avalon
1346 Bitcoin mining rigs pursuant to the Canaan Bitcoin Mining
Agreement in June 2023. During May 2023, Stronghold expects to earn
over 220 Bitcoin through its mining operations, a sequential
increase of approximately 23% from its 179 Bitcoin mined during
April 2023.
The Company continues to actively evaluate
incremental opportunities, representing over 1 EH/s, to fill its
remaining data center slots. While no assurances can be made that
Stronghold will be able to consummate any of these transactions,
the Company continues to believe that it will be able to fill its
existing 4 EH/s of data center capacity by the end of the third
quarter of 2023. Beyond the 4 EH/s of data center capacity at the
Company’s wholly owned Scrubgrass and Panther Creek plants,
Stronghold is also currently evaluating opportunities to deploy its
additional 25 MW of end-to-end data center equipment that it owns
in inventory. This includes 20 proprietary StrongBox containers and
the transformers, breakers, and switchgear to support them.
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 and Panther Creek plants, 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, 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 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. 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.
Investor Contact:
Matt Glover or Alex KovtunGateway Group, Inc.
SDIG@GatewayIR.com1-949-574-3860
Media Contact:
contact@strongholddigitalmining.com
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