Stronghold Digital Mining Exceeds 1.3 Exahash Per Second of Hash Rate Capacity and Provides Bitcoin Miner Delivery Update

Time:2022-01-12 Source: 875 views Trending Copy share

Stronghold Digital Mining, Inc. (Nasdaq: SDIG) (“Stronghold”, or the “Company”) today announced that it has exceeded 1.3 exahash per second (“EH/s”) of total hash rate capacity with over 14,000 miners received to date, over 8,700 of which were received in the last five weeks. This represents significant growth, as Stronghold previously reported total hash rate capacity of approximately 185 petahash per second (“PH/s”) from approximately 3,000 miners as of September 30, 2021 and approximately 470 PH/s from nearly 6,000 miners as of November 29, 2021.

The Company continues to have active dialogue with all of its Bitcoin miner delivery partners to manage the growth of its Bitcoin mining operations. As previously disclosed, MinerVa Semiconductor Corp. (“MinerVa”) has been delayed in meeting its miner delivery targets under its purchase agreement with Stronghold. To date, MinerVa has delivered over 1,000 miners to Stronghold, with deliveries being made on a weekly basis. Stronghold has been advised by MinerVa to expect all of the remaining miners to be delivered under the existing 15,000-miner purchase agreement by the end of March 2022.

“I am pleased that we were able to hit the targets we communicated in late November, including ending 2021 with at least 1.0 EH/s of total hash rate capacity, as we have been executing on our plans despite delays experienced in miner deliveries since our IPO. As of today, we have exceeded our objective by over 30%,” said Greg Beard, co-chairman and chief executive officer of Stronghold. “We are also proud to announce that we have commenced mining Bitcoin at the Panther Creek Plant, the 80-megawatt reclamation and power generation facility that we acquired on November 2, 2021, and we continue to quickly scale the operation at this plant. We expect the Scrubgrass and Panther Creek plants to support Bitcoin miners with total hash rate capacity exceeding 4.0 EH/s by the end of the second quarter in 2022.”

On December 31, 2021, WhiteHawk Finance LLC (“WhiteHawk”) and Stronghold amended their existing equipment financing agreement to extend the final delivery date of the miners purchased under the MinerVa purchase agreement from December 31, 2021 to on or before April 30, 2022.

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