However, total operating expenses still outweighed this, coming in at $5m. Revenue appears to have grown in 2021, with the company’s first quarter results showing a 334% increase in operating revenue compared to the same period 12 months prior as it rose to $3.8m. Operating expenses of $6.6m, driven by operations and maintenance costs of $3.3m, overshadowed revenues of $4.1m. Stronghold’s most recent annual results, which covered the 12 months ended 31 December 2020, show an operating loss of just over $2.4m. The company estimated that its competitors pay between $22 and $40 per MWh. Including the impact of incentives, power generation at Stronghold’s Scrubgrass plant costs $18 per MWh. Though Stronghold is focussed on Bitcoin, the business said it may utilize its miners for other crypto assets depending on market conditions.Ĭrypto mining businesses are not new, but the company claims that owning its own source of power has helped it to produce Bitcoin at one of the lowest prices among its publicly traded peers. The company uses these miners to provide Bitcoin mining services to third parties and to operate its own Bitcoin mining equipment, eventually exchanging the cryptocurrency for US Dollars. Stronghold currently operates approximately 1,800 crypto asset mining computers with hash rate capacity of approximately 85 petahash per second (PH/s). Additionally, the practise means Stronghold benefits from renewable energy credits and coal tax credits from the state of Pennsylvania. Through this strategy, the company says it has restored around 1,000 acres of once unusable land in Pennsylvania. Stronghold removes coal refuse from piles and burns it in an emissions-controlled manner at its wholly owned generation facilities. The substance creates a number of issues if left in piles, such as water and air pollution. Coal refuse is a harmful byproduct of the state’s historic coal-mining operations. The outfit’s mining operations are powered through the reclamation of coal refuse sites across Pennsylvania. One of the things that makes the company unique is its environmentally conscious strategy. The business is headed by Gregory Beard and William Spence. The outfit is focussed on Bitcoin and operates from an environmentally-beneficial coal refuse power generation facility in Scrubgrass Township, Pennsylvania. Stronghold Digital Mining is, as the name suggests, a cryptocurrency mining company. and Cowen will be acting as joint book-running managers. The Bitcoin miner aims to raise $100m through the listing, with its almost 5.9 million shares priced at between $16 and $18.ī. The firm will join the NASDAQ index with the ticker SDIG. Stronghold Digital Mining has become the first American crypto miner to file for an initial public offering.
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