Stronghold Provides August 2024 Bitcoin Mining and Operational Update
September 04 2024 - 7:00AM
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 63 Bitcoin in August 2024 and
generated approximately $0.2mm in energy revenue, which represents
the equivalent of approximately 4 additional Bitcoin based on the
average price of Bitcoin during the month. This equates to
production of approximately 67 of Bitcoin equivalents in August
2024, up approximately 2% from the 66 Bitcoin equivalents produced
in July 2024. The Company generated an estimated $4 million of
revenue during August, a decrease of approximately 2% compared to
July 2024.
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.
Forward Looking Statements of Stronghold:
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, including with respect to its
potential carbon capture initiative and with respect to completing
a strategic review process or entering into a transaction. 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 crypto asset mining equipment from foreign-based
suppliers; our ability to maintain our relationships with our
third-party brokers and our dependence on their performance; our
ability to procure crypto asset mining equipment including to
upgrade our current fleet; 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; legislative or regulatory
changes, and liability under, or any future inability to comply
with, existing or future energy regulations or requirements; our
ability to replicate and scale the carbon capture project; our
ability to manage costs related to the carbon capture project; and
our ability to monetize our carbon capture project, including
through the private market; our ability to qualify for, obtain,
monetize or otherwise benefit from the Puro registry and Section
45Q tax credits, our ability to timely complete a strategic review
process and our ability to consummate a transaction in connection
with such process, in part or at all, our ability to qualify for
demand response programs, our ability to qualify as PJM “In
Network” load, our ability to prepare our sites for and execute on
GPU computing initiatives and our ability to expand the power
capacity at our sites. More information on these risks and other
potential factors that could affect our financial results are
included in our filings with the SEC, 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 March 8, 2024, 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.
Contacts:
Stronghold Digital Mining, Inc. Investor
Contact:Matt Glover or Alex KovtunGateway Group, Inc.
SDIG@gateway-grp.com1-949-574-3860
Media Contact:contact@strongholddigitalmining.com
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