Stronghold Digital Mining Announces August 2023 Bitcoin Mining Update
06 September 2023 - 2:00PM
Stronghold Digital Mining, Inc. (NASDAQ:
SDIG) (“Stronghold”, or the “Company”) today provided the
following updates regarding its operations and financial
performance:
August Bitcoin Mining
Update
In late August, Stronghold achieved hash rate
capacity of 4 EH/s. As expected, 1,135 MicroBT Whatsminer M50 and
M50S miners and 4,000 Canaan Avalon A1346 miners have been
delivered, and all are either plugged in or expected to be plugged
in imminently. The Company expects a considerable increase in hash
rate in the month of September and over 20% hash rate growth in the
fourth quarter of 2023 when compared to the third quarter of
2023.
Stronghold mined 219 Bitcoin in August and
generated approximately $0.5 million in energy revenue, which
represents the equivalent of approximately 16 additional Bitcoin
based on the average price of Bitcoin during the month. This
equates to approximately 235 of Bitcoin-equivalent production in
August 2023 compared to approximately 225 in July 2023.
About Stronghold Digital Mining,
Inc.
Stronghold is a vertically integrated Bitcoin
mining company with an emphasis on environmentally beneficial
operations. Stronghold houses its miners at its wholly owned and
operated Scrubgrass Plant and Panther Creek Plant, both of which
are low-cost, environmentally beneficial coal refuse power
generation facilities in Pennsylvania.
Investor Contact:Matt Glover or
Alex KovtunGateway Group,
Inc.SDIG@gateway-grp.com1-949-574-3860
Media
Contactcontact@strongholddigitalmining.com
Cautionary Statement Concerning
Forward-Looking Statements:
Certain statements contained in this press release,
including guidance, constitute “forward-looking statements.” within
the meaning of the Private Securities Litigation Reform Act of
1995. You can identify forward-looking statements because they
contain words such as “believes,” “expects,” “may,” “will,”
“should,” “seeks,” “approximately,” “intends,” “plans,” “estimates”
or “anticipates” or the negative of these words and phrases or
similar words or phrases which are predictions of or indicate
future events or trends and which do not relate solely to
historical matters. Forward-looking statements and the business
prospects of Stronghold are subject to a number of risks and
uncertainties that may cause Stronghold’s actual results in future
periods to differ materially from the forward-looking statements.
These risks and uncertainties include, among other things: the
hybrid nature of our business model, which is highly dependent on
the price of Bitcoin; our dependence on the level of demand and
financial performance of the crypto asset industry; our ability to
manage growth, business, financial results and results of
operations; uncertainty regarding our evolving business model; our
ability to retain management and key personnel and the integration
of new management; our ability to raise capital to fund business
growth; our ability to maintain sufficient liquidity to fund
operations, growth and acquisitions; our substantial indebtedness
and its effect on our results of operations and our financial
condition; uncertainty regarding the outcomes of any investigations
or proceedings; our ability to enter into purchase agreements,
acquisitions and financing transactions; public health crises,
epidemics, and pandemics such as the coronavirus pandemic; our
ability to procure and install crypto asset mining equipment,
including from foreign-based suppliers; our ability to maintain our
relationships with our third party brokers and our dependence on
their performance; developments and changes in laws and
regulations, including increased regulation of the crypto asset
industry through legislative action and revised rules and standards
applied by The Financial Crimes Enforcement Network under the
authority of the U.S. Bank Secrecy Act and the Investment Company
Act; the future acceptance and/or widespread use of, and demand
for, Bitcoin and other crypto assets; our ability to respond to
price fluctuations and rapidly changing technology; our ability to
operate our coal refuse power generation facilities as planned; our
ability to remain listed on a stock exchange and maintain an active
trading market; our ability to avail ourselves of tax credits for
the clean-up of coal refuse piles; and legislative or regulatory
changes, and liability under, or any future inability to comply
with, existing or future energy regulations or requirements. More
information on these risks and other potential factors that could
affect our financial results is included in our filings with the
Securities and Exchange Commission, including in the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” sections of our Annual Report on Form
10-K filed on April 3, 2023 and in our subsequently filed Quarterly
Reports on Form 10-Q. Any forward-looking statement or guidance
speaks only as of the date as of which such statement is made, and,
except as required by law, we undertake no obligation to update or
revise publicly any forward-looking statements or guidance, whether
because of new information, future events, or otherwise.
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