NEW YORK, Could 30, 2023 (GLOBE NEWSWIRE) —
Stronghold Digital Mining, Inc.
(NASDAQ: SDIG) (“Stronghold”, the “Firm”, or “we”)
as we speak supplied an operational replace on its Bitcoin mining operations:
Bitcoin Mining
Over Memorial Day weekend, Stronghold’s Bitcoin mining operations achieved a hash charge of three.0 EH/s. Stronghold achieved this milestone roughly one month sooner than anticipated. Of the three.0 EH/s, roughly 80% is wholly owned by the Firm and never topic to a revenue share. In the course of the second half of Could 2023, the Firm acquired the 5,000 MicroBT Whatsminer M50 Bitcoin mining rigs associated to its beforehand introduced miner buy. This was along with the preliminary 2,000 Avalon 1246 Bitcoin mining rigs related to the Firm’s beforehand introduced Canaan Bitcoin Mining Settlement that have been delivered in early Could. Stronghold expects to obtain the remaining 2,000 Avalon 1346 Bitcoin mining rigs pursuant to the Canaan Bitcoin Mining Settlement in June 2023. Throughout Could 2023, Stronghold expects to earn over 220 Bitcoin by way of its mining operations, a sequential improve of roughly 23% from its 179 Bitcoin mined throughout April 2023.
The Firm continues to actively consider incremental alternatives, representing over 1 EH/s, to fill its remaining knowledge heart slots. Whereas no assurances might be made that Stronghold will be capable of consummate any of those transactions, the Firm continues to consider that it is going to be in a position to fill its current 4 EH/s of knowledge heart capability by the tip of the third quarter of 2023. Past the 4 EH/s of knowledge heart capability on the Firm’s wholly owned Scrubgrass and Panther Creek crops, Stronghold can also be at present evaluating alternatives to deploy its further 25 MW of end-to-end knowledge heart tools that it owns in stock. This consists of 20 proprietary StrongBox containers and the transformers, breakers, and switchgear to help them.
About Stronghold Digital Mining, Inc.
Stronghold is a vertically built-in Bitcoin mining firm with an emphasis on environmentally useful operations. Stronghold homes its miners at its wholly owned and operated Scrubgrass and Panther Creek crops, each of that are low-cost, environmentally useful coal refuse energy era services in Pennsylvania.
Cautionary Assertion Regarding Ahead-Trying Statements
Sure statements contained on this press launch, together with steering, represent “forward-looking statements.” inside the that means of the Non-public Securities Litigation Reform Act of 1995. You possibly can establish forward-looking statements as a result of they include phrases similar to “believes,” “expects,” “could,” “will,” “ought to,” “seeks,” “roughly,” “intends,” “plans,” “estimates” or “anticipates” or the adverse of those phrases and phrases or related phrases or phrases that are predictions of or point out future occasions or tendencies and which don’t relate solely to historic issues. Ahead-looking statements and the enterprise prospects of Stronghold are topic to numerous dangers and uncertainties that will trigger Stronghold’s precise leads to future intervals to vary materially from the forward-looking statements. These dangers and uncertainties embrace, amongst different issues: the hybrid nature of our enterprise mannequin, which is extremely depending on the worth of Bitcoin; our dependence on the extent of demand and monetary efficiency of the crypto asset business; our means to handle development, enterprise, monetary outcomes and outcomes of operations; uncertainty relating to our evolving enterprise mannequin; our means to retain administration and key personnel and the mixing of latest administration; our means to lift capital to fund enterprise development; our means to take care of enough liquidity to fund operations, development and acquisitions; our substantial indebtedness and its impact on our outcomes of operations and our monetary situation; uncertainty relating to the outcomes of any investigations or proceedings; our means to enter into buy agreements, acquisitions and financing transactions; public well being crises, epidemics, and pandemics such because the coronavirus pandemic; our means to acquire crypto asset mining tools from foreign-based suppliers; our means to take care of {our relationships} with our third occasion brokers and our dependence on their efficiency; our means to acquire crypto asset mining tools; developments and modifications in legal guidelines and rules, together with elevated regulation of the crypto asset business by way of legislative motion and revised guidelines and requirements utilized by The Monetary Crimes Enforcement Community below the authority of the U.S. Financial institution Secrecy Act and the Funding Firm Act; the longer term acceptance and/or widespread use of, and demand for, Bitcoin and different crypto belongings; our means to reply to worth fluctuations and quickly altering know-how; our means to function our coal refuse energy era services as deliberate; our means to stay listed on a inventory alternate and preserve an lively buying and selling market; our means to avail ourselves of tax credit for the clean-up of coal refuse piles; and legislative or regulatory modifications, and legal responsibility below, or any future incapacity to adjust to, current or future power rules or necessities. Extra data on these dangers and different potential elements that would have an effect on our monetary outcomes is included in our filings with the Securities and Alternate Fee, together with within the “Threat Elements” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” sections of our Annual Report on Kind 10-Okay filed on April 3, 2023. Any forward-looking assertion or steering speaks solely as of the date as of which such assertion is made, and, besides as required by legislation, we undertake no obligation to replace or revise publicly any forward-looking statements or steering, whether or not due to new data, future occasions, or in any other case.
Investor Contact:
Matt Glover or Alex Kovtun
Gateway Group, Inc.
SDIG@GatewayIR.com
1-949-574-3860
Media Contact: