Stronghold Digital Mining, Inc. (NASDAQ: SDIG) announced today that its Bitcoin mining operations have reached a significant milestone by achieving a hash rate of 3.0 EH/s. This milestone was accomplished approximately one month earlier than expected, demonstrating the company’s strong operational capabilities. Of the 3.0 EH/s, 80% is wholly owned by Stronghold and not subject to profit sharing.
In May 2023, Stronghold received 5,000 MicroBT Whatsminer M50 Bitcoin mining rigs, in addition to the 2,000 Avalon 1246 Bitcoin mining rigs that were delivered in early May as part of the Canaan Bitcoin Mining Agreement. The company anticipates receiving the remaining 2,000 Avalon 1346 Bitcoin mining rigs in June 2023. This increased mining capacity is expected to contribute to a sequential increase in Bitcoin mining output of approximately 23%, with Stronghold projecting to earn over 220 Bitcoin in May, up from 179 Bitcoin in April.
Stronghold also continues to actively evaluate opportunities to fill its remaining data center slots, representing over 1 EH/s of incremental mining capacity. The company is confident in its ability to fill its existing 4 EH/s data center capacity by the end of the third quarter of 2023. Additionally, Stronghold is exploring options to deploy its additional 25 MW of end-to-end data center equipment, including 20 StrongBox containers and the necessary infrastructure.
As a vertically integrated Bitcoin mining company, Stronghold prioritizes environmentally beneficial operations. Its mining facilities are housed at its Scrubgrass and Panther Creek plants, which are low-cost, coal refuse power generation facilities in Pennsylvania. This commitment to sustainability sets Stronghold apart in the industry and appeals to environmentally conscious consumers and investors.
Investors will be pleased with Stronghold’s strong operational performance and its ability to achieve significant milestones ahead of schedule. The company’s focus on environmentally friendly practices aligns with the growing demand for sustainable investments in the cryptocurrency space. As Stronghold continues to expand its mining capacity and evaluate new opportunities, investors can expect to see further growth and success in the future.