Stronghold Announces November 2023 Bitcoin Mining Update -December 07, 2023 at 04:16 pm EST

NEW YORK, Dec. 07, 2023 (GLOBE NEWSWIRE) — Stronghold Digital Mining, Inc. (NASDAQ: SDIG) (“Stronghold”, or the “Firm”) right this moment supplied the next updates relating to its operations and monetary efficiency:

Bitcoin Mining Replace

Stronghold mined 193 Bitcoin in November 2023 and generated roughly $0.7 million in power income, which represented the equal of roughly 19 further Bitcoin primarily based on the common worth of Bitcoin, throughout the month. This equated to roughly 212 of Bitcoin-equivalent manufacturing in November of 2023, up roughly 4% sequentially in comparison with the roughly 203 Bitcoin-equivalent manufacturing in October 2023 comprising 198 cash and $0.1 million of power income, or 5 further Bitcoin primarily based on the common worth of Bitcoin throughout the month.

The Firm generated an estimated $7.2 million of income throughout the month of November, marking its highest month-to-month income in 2023. The drivers had been enticing energy costs on the Scrubgrass Plant, resulting in the second highest power income month of the yr, improved Bitcoin hash worth together with transaction charges/block subsidies that averaged 13.8% in November in comparison with 2.5% in October, and a modest enchancment in Bitcoin mining utilization following the Firm’s entry into the Frontier Managed Providers Settlement in October of 2023.

Stronghold Enterprise Technique Overview and Carbon Seize Panel

On December 12^th, Stronghold will host a Enterprise Technique Overview and Carbon Seize Panel occasion on the Nasdaq Marketsite. The occasion will embrace an summary of the Firm’s enterprise technique by senior administration and a panel on the carbon seize initiative with trade specialists.

Superior registration for the in-person occasion is required and area is proscribed. Analysts and institutional traders concerned about attending ought to contact Stronghold’s investor relations group SDIG@gateway-grp.com for extra particulars and directions. Displays are anticipated to start at 12:30 pm ET, and the occasion is anticipated to conclude at 4:00 pm ET. Extra supplies and data will likely be out there nearer to the date of the occasion.

Webcast Registration

Buyers and different stakeholders could register for the occasion and webcast right here and on Stronghold’s Investor Relations web site at ir.strongholddigitalmining.com. A replay of the webcast will likely be out there shortly after the occasion concludes.

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 Plant and Panther Creek Plant, each of that are low-cost, environmentally useful coal refuse energy technology amenities in Pennsylvania.

Investor Contact:Matt Glover or Alex KovtunGateway Group, Inc.
SDIG@gateway-grp.com
1-949-574-3860

Media Contact
contact@strongholddigitalmining.com

Cautionary Assertion Regarding Ahead-Wanting Statements:

Sure statements contained on this press launch, together with steerage, represent “forward-looking statements” inside the which means of the Non-public Securities Litigation Reform Act of 1995. You possibly can determine forward-looking statements as a result of they include phrases akin to “believes,” “expects,” “could,” “will,” “ought to,” “seeks,” “roughly,” “intends,” “plans,” “estimates” or “anticipates” or the unfavorable of those phrases and phrases or related phrases or phrases that are predictions of or point out future occasions or developments and which don’t relate solely to historic issues. Ahead-looking statements and the enterprise prospects of Stronghold are topic to a lot of dangers and uncertainties that will trigger Stronghold’s precise ends in future intervals to vary materially from the forward-looking statements. These dangers and uncertainties embrace, amongst different issues: the latest restructuring of the Firm’s debt and the efficiency and satisfaction of assorted obligations beneath the agreements entered into so as to impact such restructuring of debt; the hybrid nature of our enterprise mannequin, which is very depending on the worth of Bitcoin; our dependence on the extent of demand and monetary efficiency of the crypto asset trade; our capability to handle progress, enterprise, monetary outcomes and outcomes of operations; uncertainty relating to our evolving enterprise mannequin; our capability to retain administration and key personnel and the combination of latest administration; our capability to lift capital to fund enterprise progress; our capability to keep up adequate liquidity to fund operations, progress 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 capability to enter into buy agreements, acquisitions and financing transactions; public well being crises, epidemics, and pandemics such because the coronavirus pandemic; our capability to acquire and set up crypto asset mining tools, together with from foreign-based suppliers; our capability to keep up {our relationships} with our third get together brokers and our dependence on their efficiency; developments and adjustments in legal guidelines and laws, together with elevated regulation of the crypto asset trade by legislative motion and revised guidelines and requirements utilized by The Monetary Crimes Enforcement Community beneath the authority of the U.S. Financial institution Secrecy Act and the Funding Firm Act; the long run acceptance and/or widespread use of, and demand for, Bitcoin and different crypto property; our capability to answer worth fluctuations and quickly altering expertise; our capability to function our coal refuse energy technology amenities as deliberate; our capability to stay listed on a inventory trade and keep an lively buying and selling market; our capability to avail ourselves of tax credit for the clean-up of coal refuse piles; and legislative or regulatory adjustments, and legal responsibility beneath, or any future lack of ability to adjust to, current or future power laws or necessities. Extra info 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 Trade 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-Ok filed on April 3, 2023 and in our subsequently filed Quarterly Reviews on Kind 10-Q. Any forward-looking assertion or steerage speaks solely as of the date as of which such assertion is made, and, besides as required by regulation, we undertake no obligation to replace or revise publicly any forward-looking statements or steerage, whether or not due to new info, future occasions, or in any other case.

Supply: Stronghold Digital Mining, Inc.

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