Stronghold Announces November 2023 Bitcoin Mining Update
07 Dezember 2023 - 10:15PM
Stronghold Digital Mining, Inc. (NASDAQ:
SDIG) (“Stronghold”, or the “Company”) today provided the
following updates regarding its operations and financial
performance:
Bitcoin Mining Update
Stronghold mined 193 Bitcoin in November 2023
and generated approximately $0.7 million in energy revenue, which
represented the equivalent of approximately 19 additional Bitcoin
based on the average price of Bitcoin, during the month. This
equated to approximately 212 of Bitcoin-equivalent production in
November of 2023, up approximately 4% sequentially compared to the
approximately 203 Bitcoin-equivalent production in October 2023
comprising 198 coins and $0.1 million of energy revenue, or 5
additional Bitcoin based on the average price of Bitcoin during the
month.
The Company generated an estimated $7.2 million
of revenue during the month of November, marking its highest
monthly revenue in 2023. The drivers were attractive power prices
at the Scrubgrass Plant, leading to the second highest energy
revenue month of the year, improved Bitcoin hash price including
transaction fees/block subsidies that averaged 13.8% in November
compared to 2.5% in October, and a modest improvement in Bitcoin
mining utilization following the Company’s entry into the Frontier
Managed Services Agreement in October of 2023.
Stronghold Business Strategy Overview
and Carbon Capture Panel
On December 12th, Stronghold will host a
Business Strategy Overview and Carbon Capture Panel event at the
Nasdaq Marketsite. The event will include an overview of the
Company’s business strategy by senior management and a panel on the
carbon capture initiative with industry experts.
Advanced registration for the in-person event is
required and space is limited. Analysts and institutional investors
interested in attending should contact Stronghold’s investor
relations team SDIG@gateway-grp.com for additional
details and instructions. Presentations are expected to begin at
12:30 pm ET, and the event is expected to conclude at 4:00 pm ET.
Additional materials and information will be available closer to
the date of the event.
Webcast Registration
Investors and other interested stakeholders may
register for the event and webcast here and on
Stronghold’s Investor Relations website
at ir.strongholddigitalmining.com. A replay of the webcast
will be available shortly after the event concludes.
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
recent restructuring of the Company’s debt and the performance and
satisfaction of various obligations under the agreements entered
into in order to effect such restructuring of debt; 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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